Hindustan Oil Exploration to increase production by more than three-fold

HOEC is a debt-free company with a cash balance of Rs 1.3 billion

Hindustan Oil Exploration Company (HOEC), that has acquired entire share capital of Geopetrol International this week, said that it is set to increase its net production by more than three-fold from 1800 barrels of oil equivalent per day (boepd) to 8000 boepd in three years. 
 
“Through the acquisition, we have become the largest private sector oil and gas player in North East. From a mere net production of 400 boepd in 2016-17, we have increased our production to 1800 boepd in 2017-18 and plans to further increase 8000 boepd by 2020-21,” said P Elango, managing director of the company.