HOEC raises $100mn for developing oilfield

Hindustan Oil Exploration Company (HOEC) has entered into a loan agreement with a consortium of banks co-led by IDBI Bank and UTI Bank for availing a term loan for $100 million to part finance the development of PY-1 Field.

According to the release issued by HOEC to the BSE, the company has 100% participating interest in the field.