Hindustan Oil Exploration Corporation (HOEC) said on Monday that it has been awarded the contract of exploring Umatara field in Assam in consortium with Indian Oil Corporation Limited (IOC).
A formal revenue sharing contract is likely to be signed with the government later this month. The participating interest of HOEC will be 10 per cent while IOC will hold 90 per cent.
Umatara is located within an aerial distance of 50 km from Dirok field operated by HOEC and forms part of upper Assam shelf petroleum system. The contract area extends to 52 sq km and lies southwest of giant Naharkatiya oil field. The nearest oil handling facility is at Sapkaint within 14 km.
Umatara becomes the fifth block in ever-growing HOEC's portfolio of northeast blocks, joining Dirok, Kherem, Kharsang and Greater Dirok.
"We have been successful in strengthening our presence in the northeast through every bid round conducted since 2016," said HOEC's Managing Director P. Elango. "The company will continue to strengthen and build on existing partnerships to continue to jointly look for opportunities to grow further."
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