Hindustan Oil Pursuing Stake in Cambay Block
Hindustan Oil Exploration Company is talking with BG Group in hopes of acquiring their 62.64% stake in block CB-OS/1 located offshore Gujarat, India. Rakesh Jain, managing director of Hindustan Oil said he hopes to conclude a deal soon. Partners in the CB-OS/1 Block are BG Group as operator with 62.64%; Tata Petrodyne with 10%; ONCG with 10% and Hindustan Oil Exploration with the remaining 17.36%.
BG Group said it is exiting CB-OS/1 since the potential in the block was not in conformity with the oil and gas portfolio held by the Group. Tata Petrodyne may also exit the block. To date, only marginal amounts of hydrocarbons have been found in the three wells that have been drilled.
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Company: Hindustan Oil Exploration Co. (HOEC) more info
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