Hindustan Oil Exploration Co.L

What Hindustan Oil Exploration Co.L does

Hindustan Oil Exploration Company Limited (HOEC) is India's first private-sector upstream oil and gas company, incorporated in 1983 and listed on the NSE (HINDOILEXP) and BSE. The company is engaged in the exploration, development, and production of crude oil and natural gas, operating a portfolio of 9 discovered-resource blocks plus 1 exploratory block spread across 4 of India's 7 producing basins — the Assam-Arakan Basin, the Cambay Basin, the Mumbai Offshore Basin, and the Cauvery Basin. Active fields include the Dirok gas field (Assam, 26.88% PI with IOCL and OIL as JV partners), the Kharsang oil field (Arunachal Pradesh, ~35% PI through subsidiaries Geopetrol International and GeoEnpro Petroleum), the 100%-owned B-80 offshore field (Mumbai Offshore, India's first DSF-policy offshore production using an MOPU, SPM, and the Prem Pride FSO), the PY-1 gas field (Cauvery Basin, 21% PI with ONGC), the B-15 block (Mumbai Offshore, 100% PI, awarded April 2024), and marginal Cambay Basin fields (Asjol, North Balol, CB-ON-7). The technical stack includes onshore and offshore drilling, subsea well completion and pipelines, a 35 MMscfd modular gas processing plant, and a 900,000-barrel floating storage vessel operated through the wholly-owned subsidiary Hindage Oilfield Services.

HOEC's revenue model is that of a commodity upstream producer — it sells crude oil to state-owned refiners (including IOCL Digboi Refinery) and natural gas plus associated condensate to downstream consumers and gas marketing companies at international crude and gas prices over which it has no control. Production is monetized under Production Sharing Contracts with the Government of India, with operations jointly conducted alongside state-owned partners IOCL, OIL, ONGC, and GSPC, which simultaneously serve as customers, capacity providers, and risk-sharing counterparties. Customer concentration is correspondingly high, and FY26 results reflect the commodity-price and volume volatility typical of this business model, with consolidated revenue of ₹301.3 Crore, EBITDA of ₹124.5 Crore, and profit after tax of ₹62.8 Crore. The company is now repositioning for growth, with stated targets of a 2x ramp-up at Kharsang and 7x production growth by 2027, supported by 100% ownership of B-80, the new B-15 block, and a new Managing Director and CEO (Baroruchi Mishra) appointed effective April 1, 2026.

Name

Hindustan Oil Exploration Co.L

Legal name

Hindustan Oil Exploration Company Limited

Website

https://hoec.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

251–500 employees

Short description

HOEC is India's first private-sector upstream oil and gas exploration and production company (founded 1983, NSE-listed), operating 9 discovered-resource blocks and 1 exploratory block across 4 Indian producing basins, selling crude oil and natural gas to state-owned refiners and gas consumers.

Ownership category

akta.pro rank

Product category

Upstream Oil & Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Crude Oil Field Gathering Systems (TLAGAJAA)

akta.pro secondary industry

Crude Oil & Condensate Gathering (EUALACAB)

Keywords

• Oil exploration production
• Natural gas extraction
• Upstream hydrocarbons
• Offshore oil production
• Crude oil sales

Headquarters

HQ city

Vadodara

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Crude Oil Sales: HOEC produces crude oil from multiple fields including Kharsang, B-80, Asjol, North Balol, CB-ON-7, and PY-3. Crude oil is sold to refineries such as IOCL Digboi Refinery.
2. Natural Gas Sales: HOEC produces and sells natural gas from Dirok, B-80, and PY-1 fields. Gas is sold to industrial consumers and gas marketing companies through pipeline infrastructure.
3. Condensate Sales: Associated condensate produced along with gas at Dirok field (1000 barrels per day processing capacity) is sold as additional revenue stream.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

HOEC is an upstream oil and gas exploration and production company that explores, develops, and produces crude oil, natural gas, and condensate from a diversified portfolio of 9 discovered resource blocks and 1 exploratory block across 4 producing basins in India. The company operates through joint ventures with state-owned enterprises like IOCL, OIL, ONGC, and GSPC, selling hydrocarbons to refineries and gas marketing companies through Production Sharing Contracts with the Government of India.

Product overview

HOEC (Hindustan Oil Exploration Company Limited) is India's first private oil and gas company, established in 1983, offering exploration, development, and production of oil and gas from a diversified portfolio of 9 Oil & Gas blocks of Discovered Resources and 1 Exploratory block. The company operates across 4 producing basins in India through three main assets: (1) Onshore Assets including Dirok gas field (Assam-Arakan Basin), Kharsang oil field (Arunachal Pradesh), and Cambay Basin marginal fields (Asjol, North Balol, CB-ON-7); (2) Offshore Assets including B-80 field (Mumbai Offshore, 100% owned), B-15 block (Mumbai Offshore, 100% owned), and PY-1/PY-3 fields (Cauvery Basin). Operations are supported by wholly-owned subsidiaries Hindage Oilfield Services (oil field services and storage), Geopetrol International Inc. (Kharsang JV), and GeoEnpro Petroleum (Kharsang operator).

Differentiator

Problem solved

Functional benefit

Products and services

• Dirok Gas Field (AAP-ON-94/1) Gas field located in the Schuppen Belt of Upper Assam with 26.88% participating interest held by HOEC through JV with IOCL and OIL. Produces and sells natural gas to industrial consumers and gas marketing companies.
• B-80 Offshore Field (MB/OSDSF/B-80/2016) India's first offshore field under DSF policy, 100% owned and operated by HOEC. Located 110 km from Mumbai in Arabian Sea at 56.02 sq.km. Features Mobile Offshore Processing Unit (MOPU), Single Point Mooring system, and Floating Storage & Offloading vessel. Produces crude oil sold to refiners.
• Kharsang Oil Field Oil field in Arunachal Pradesh producing sweet crude from Upper Girujan Formation. HOEC holds 35% participating interest (direct and indirect) through subsidiaries Geopetrol International Inc. and GeoEnpro Petroleum Ltd. Crude oil is sold to IOCL Digboi Refinery.
• PY-1 Field Gas field in Cauvery Basin with unconventional fractured granitic basement reservoir. HOEC holds 21% participating interest through JV with ONGC and TPL. Features offshore well-head platform with 9 well slots and 57 km sub-sea pipeline to onshore gas processing terminal with 55 MMSCFD capacity.
• Cambay Basin Fields (Asjol, North Balol, CB-ON-7) Three marginal fields in Cambay Basin, Gujarat producing approximately 200 BOEPD combined. Asjol (50% HOEC) and CB-ON-7 (35% HOEC) and North Balol (25% HOEC) tap into Balol, Babaguru, Kand, and Hazad sandstone reservoirs.
• B-15 Offshore Block (MB/OSDSF/B15/2024) Newly awarded block in Mumbai Offshore region spanning 332.4 sq.km at ~40m water depth. HOEC is operator with 100% participating interest. Contains discoveries B-15A-1 and B-15-2 with Well B-15A-1 testing 3300 Bbl/d Oil and 2.5 MMSCFD Gas.
• Hindage Oilfield Services Limited Wholly-owned subsidiary providing oil field equipment and services for exploration of crude oil and natural gas onshore and offshore. Owns Prem Pride Floating Storage Offshore facility with 900,000-barrel oil storage capacity deployed for B-80 field storage.
• Geopetrol International Inc. Wholly-owned subsidiary acquired in April 2018, engaged in exploration and development of oil and gas. Holds 25% participating interest in Kharsang Oilfield Production Sharing Contract.
• GeoEnpro Petroleum Limited Co-owned by Hindage and Geopetrol Mauritius Ltd., operating Kharsang Oilfield with 10% participating interest. Engaged in exploration and development of oil and gas.

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Indian Oil Corporation Limited (IOCL)coreStrategic or Co-development PartnerIOCL is a joint venture partner in the Dirok field (AAP-ON-94/1) with 26.88% participating interest and in AA-ONDSF-UMATARA-2018 block. HOEC operates the Dirok field with IOCL and OIL as partners.
• Oil India Limited (OIL)coreStrategic or Co-development PartnerOIL is a joint venture partner in the Dirok field (AAP-ON-94/1) with 26.88% participating interest. OIL also partners in the Kharsang field. HOEC uses OIL's facilities at Kusijan for gas processing.
• Oil and Natural Gas Corporation Limited (ONGC)minorStrategic or Co-development PartnerONGC is a joint venture partner in CB-ON-7 (Palej) and PY-3 blocks. ONGC is the operator of PY-3 with HOEC holding 21% participating interest.
• Gujarat State Petroleum Corporation (GSPC)minorStrategic or Co-development PartnerGSPC is a joint venture partner in Asjol (50% HOEC), CB-ON-7 (Palej), and North Balol blocks in the Cambay Basin.
• GeoEnpro Petroleum LimitedcoreStrategic or Co-development PartnerHOEC acquired GeoEnpro Petroleum Limited (operator of Kharsang field) through its subsidiary. GeoEnpro holds 10% participating interest in Kharsang.
• Geopetrol International Inc.coreStrategic or Co-development PartnerWholly-owned subsidiary of HOEC acquired in April 2018. Holds 25% participating interest in Kharsang Oilfield through its 50% shareholding in GeoEnpro Petroleum Limited.
• Hindage Oilfield Services LimitedcoreStrategic or Co-development PartnerWholly-owned subsidiary of HOEC providing oil field equipment and services. Owns Prem Pride FSO with 900,000-barrel oil storage capacity deployed at B-80 field.
• Geopetrol Mauritius LimitedcoreStrategic or Co-development PartnerWholly-owned subsidiary of Geopetrol International Inc. Holds 50% share in GeoEnpro Petroleum Limited. Owns Key Gibraltar Offshore Installation (Mobile Offshore Processing Unit) deployed in B-80 field.

Scale indicators10 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Oil India Limited: One of India's two large state-owned upstream E&P companies and an active JV partner with HOEC in Dirok and Kharsang. Overlapping asset base in Assam-Arakan and similar PSC terms, but at meaningfully larger scale and broader portfolio.
• Cairn Oil & Gas (Vedanta Limited): India's largest private-sector crude oil producer and operator of the Rajasthan block. Comparable as a private-sector Indian E&P operator but at substantially larger scale and with a focused, single-basin asset base.
• Oil and Natural Gas Corporation (ONGC): India's largest state-owned E&P company and HOEC's JV partner in PY-3 and CB-ON-7. Operates across the same basins (Mumbai Offshore, Cambay, Cauvery) as HOEC but with a much broader portfolio, integrated midstream/downstream presence, and dominant market share.

Regional players

• Bengal Energy Ltd. Small-cap international upstream E&P company with operations in Australia and India (Cauvery Basin). Comparable in scale and small-cap E&P profile, with overlapping Indian asset geography through its Indian subsidiary.
• Gujarat State Petroleum Corporation (GSPC): Gujarat state-owned E&P company and HOEC's JV partner in Asjol, North Balol, and CB-ON-7 in the Cambay Basin. Operates the same Cambay assets HOEC participates in, but with a Gujarat state mandate and broader gas midstream exposure.

Direct peers

• Selan Exploration Technology Limited: Indian listed upstream E&P company of similar small/mid-cap scale, producing crude oil and natural gas from onshore fields in India (Gujarat, Rajasthan, Assam). Closely comparable business model, asset type, and regulatory regime.
• Focus Energy Limited: Indian listed upstream E&P company operating small producing fields in Rajasthan. Comparable in scale, business model (small-cap domestic E&P with PSC-based operations), and growth-stage profile.
• Hardy Exploration & Production (India) Inc. Small Indian-focused E&P company that HOEC entered a conditional agreement to acquire in 2019. Direct comparable as a small Indian onshore/offshore upstream operator with PSC-based asset base.

Others

• Gulf Oil Lubricants India Limited: Indian-listed downstream lubricants and petroleum products company in the broader Indian hydrocarbons value chain. Not a direct E&P peer, but referenced as an adjacent Indian petroleum sector listed comparable for sector context.

Emerging players

• Jindal Drilling & Exploration Limited: Indian-listed company with both offshore drilling services and minority upstream E&P interests. Comparable in Indian-listed small-cap E&P profile, with additional drilling-services overlap relevant to HOEC's operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hindustan-oil-exploration-company/?originalSubdomain=in

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hindustan Oil Exploration Co.L