Hindustan Oil Exploration Company Gains Momentum After Securing Mumbai Offshore Block

April 17, 2025 Mumbai, India — Shares of Hindustan Oil Exploration Company (HOEC) surged on Thursday following the announcement that it has secured a new offshore block in the Mumbai Offshore region, reinforcing its position as a rising independent oil and gas player in India.

HOEC’s stock is currently trading at ₹178.20, up ₹2.70 or 1.54% from its previous close of ₹175.50 on the BSE. The stock opened at ₹177.00 and touched an intraday high of ₹178.95, with over 5,970 shares traded at the time of reporting.

New Block Allotment Strengthens Offshore Portfolio

HOEC has been awarded the contract area MB/OSDSF/B15/2024 under the Special Discovered Small Fields (DSF) Bid Round 2024. This newly allotted block spans 332.4 sq. km at approximately 40 meters water depth, and includes two discoveries: B-15A-1 and B-15-2.

Key Highlights of the Block:

• 6 wells drilled

• B-15A-1 tested at 1.66 mmscfd of gas and 1833 barrels of oil/day

• B-15-2 tested 1151 barrels of oil/day and 0.91 mmscfd of gas

• Operated 100% by HOEC with full Participating Interest

The new block adds to HOEC’s existing Block MB/OSDSF/B80/2016, expanding its Mumbai Offshore portfolio to over 800 sq. km, significantly enhancing its reserves and development potential.

Strategic Impact on HOEC’s Position

This development is a major boost to HOEC’s asset base and exploration capabilities, bolstering its status as a key independent E&P (exploration & production) company. The new resources are expected to drive future revenue and production volumes once commercial extraction begins.

HOEC’s core operations include the exploration, development, and production of crude oil and natural gas across both onshore and offshore fields in India.

Market Snapshot

• Current Market Cap: ₹2,352.61 crore

• 52-Week High: ₹293.60 (Aug 2, 2024)

• 52-Week Low: ₹145.05 (Apr 7, 2025)

• Institutional Holding: 1.72%

• Non-Institutional Holding: 98.28%

• BSE Group: A

Outlook

The acquisition of Block MB/OSDSF/B15/2024 marks a strategic expansion for HOEC and showcases its operational efficiency and growth intent in India’s upstream sector. With promising test results and exploration upside, the block could become a key revenue generator for the company in the coming years.