Baroruchi Mishra, who took over as the Managing Director and CEO of Hindustan Oil Exploration Company, on April 1, has said that the company “intends to forge strategic partnerships” for exploration and production opportunities. HOEC is an oil and natural gas producer with an estimated 100 million barrels of oil and oil equivalent gas.
In an email to businessline, Mishra said that such collaborations would help the company “unlock scale and capability advantages,” especially in technically complex deepwater areas.
Further, Mishra—who was earlier associated with HOEC as an Independent Director—said that the company would also “evaluate” getting into green fuels such as compressed biogas and Bio LNG. This, he said, was to create a “broader and more future-ready energy platform that combines conventional upstream strength with emerging low-carbon opportunities.”
Mishra also spoke of bringing in “high-performance culture” and a ‘diversity, equality and inclusion’ culture in HOEC so that everyone can bring their whole self to work.
Mishra’s immediate tasks are to get HOEC’s assets to produce more. The Dirok gas field in Assam could see its production triple to 45 million cubic feet per day once a pipeline that plugs into the Indradhaush Gas Grid is built, which is expected soon. The B-80 oil field in western offshore region has been having some technical issues, with one of the two wells requiring repair. Once that is done, oil and gas production from B-80 will increase.
Yet another under-performing high potential asset is PY-1 in Bay of Bengal. As technical studies have shown good hydrocarbon recovery potential, HOEC plans to drill infill wells, debottleneck existing offshore facilities and use digital reservoir models to improve production forecasting and intervention.
At Kharsang in Arunachal Pradesh, the near-term agenda is to raise oil output through “fresh drilling campaigns supported by improved field analytics and operational monitoring,” Mishra said.