HOEC reserves pegged at 40 MMBOE

Hindustan Oil Exploration Company (HOEC) has, based on management assessment, pegged its share of proved and probable (2P) reserves on working interest basis from existing assets  to be around 40 metric million barrel of oil equivalent (MMBOE).

According to a release issued by the company to the BSE today, the 2P reserves on net entitlement basis has been put at 34 MMBOE.

"Reserve estimates are based on internal assessment, and as per SPE guidelines. Working interest basis is HOEC's share of production calculated by reference to joint venture participating interest under the respective production sharing contracts. The net entitlement basis takes into account adjustment for government share of profit petroleum as per the terms of the respective production sharing contracts," the release added.