Mumbai: Hindustan Oil Exploration Company (HOEC) has said that it has been awarded two oil and gas blocks under the New Exploration Licensing Policy (NELP VII).
The company has been awarded two blocks under NELP VII from the Ministry of Petroleum and Natural Gas, HOEC said in a filing to the Bombay Stock Exchange (BSE).
Further, HOEC has commenced production from its Cambay Basin Block having an initial capacity of 100 barrels of oil per day. The company holds 35% participating interest in the Block, while ONGC holds the rest.
The company said that ONGC has recieved mining lease for the the said block, following which the company has started commercial production.
Shares of the company closed at Rs58.85, up 2.08% on the BSE.