HOEC to produce oil from Mumbai field by 2021, invest $43 million
The processed oil and gas will be transported by connecting to nearby oil and gas pipelines of ONGC for delivery to customers at an estimated capital investment of about $43 million over 30 months. Photo: Bloomberg
Hindustan Oil Exploration Co. Ltd (HOEC) has submitted a $43 million development plan to bring to production the Mumbai offshore oil field it had won in the first discovered field auction in March. HOEC is the first company out of the 31 that signed contracts for the fields won in the auction in March, to have submitted a field development plan (FDP).
“We have submitted to the directorate general of hydrocarbon (DGH) an FDP for B-80 block that envisages production of 5,000 barrels of oil and 15 million standard cubic feet per day of gas by 2020-21,” HOEC chief executive officer (CEO) P. Elango told PTI.
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