Hindustan Oil Exploration Co

Hardeep Singh Puri, minister of Petroleum and Natural Gas in India, said E&P offers investment opportunities worth $100 billion by 2030.

Separately, the government has hiked windfall tax on crude petroleum to Rs 7,100 per tonne with effect from August 15, up from Rs 4,250 per tonne.

Oil prices tumbled about 5 per cent to a three-week low on Friday, as investors feared that interest rate hikes from major central banks could slow the global economy and cut demand for energy.

The company said there has been a delay in the commencement of production from the field due to operational issues.

Stocks like HOEC, HPCL, ONGC and Pidilite can rally up to 10 per cent in the near term.

The technical analyst from Prabhudas Lilladher finds both these stock attractive on the charts

The company is expected to start production from the block during the third quarter of the current financial year

The company is targeting a doubling of its net production to around 5,000 barrels of oil equivalent per day (boepd) by the second half of 2020

HOEC and Adbhoot Estates hold 50 per cent participating interest each in the block

Set up by HDFC founder, the company is yet to make it big