Net profit of Hindustan Oil Exploration Company declined 76.53% to Rs 11.58 crore in the quarter ended March 2020 as against Rs 49.33 crore during the previous quarter ended March 2019. Sales declined 56.69% to Rs 33.50 crore in the quarter ended March 2020 as against Rs 77.35 crore during the previous quarter ended March 2019.

For the full year,net profit declined 12.24% to Rs 137.56 crore in the year ended March 2020 as against Rs 156.74 crore during the previous year ended March 2019. Sales declined 23.79% to Rs 202.05 crore in the year ended March 2020 as against Rs 265.14 crore during the previous year ended March 2019.

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Hindustan Oil Exploration Company will hold a meeting of the Board of Directors of the Company on 31 May 2020.

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Hindustan Oil Exploration Company announced the successful drilling and completion of its first well, named D-2, in Block MB/OSDSF/B80/2016 located in Mumbai Offshore.

The total oil and gas production from Well D-2 in terms of barrels of oil equivalent, varied from 3262 to 4585 barrels of oil equivalent per day (boepd).

This is the first offshore well drilled among the blocks awarded by Government of India under the first Discovered Small Field (DSF) bid round. This well has been drilled and completed with a sub-sea well head and tree installed through a jack up rig, another pioneering feat.

The rig will now move to the next location to drill the second well, named D-1 and the company expects the second well to be drilled and completed by end of April 2020.

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Net profit of Hindustan Oil Exploration Company rose 43.00% to Rs 53.34 crore in the quarter ended December 2019 as against Rs 37.30 crore during the previous quarter ended December 2018. Sales declined 33.23% to Rs 49.50 crore in the quarter ended December 2019 as against Rs 74.14 crore during the previous quarter ended December 2018.

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