Hindustan Oil Exploration Company (HOEC), an operator to an offshore oil field in Mumbai High has entered into a Deed for Assignment and Assumption with Adbhoot Estates Private Limited for assigning 10% of its participating interest in the field in favor of the company thereby increasing HOEC’s participating interest from 50% to 60% in the block.

 

The company has made necessary application to the Directorate General of Hydrocarbons in this regard and the said assignment and assumption is subject to approval of the Government of India. HOEC is in the process of securing a loan facility in due compliance of the law to meet this additional capital costs.

 

HOEC and Adbhoot Estates Private Limited are holding 50% participating interest each under the Revenue Sharing Contract (RSC) for the block MB/OSDSF/B80/2016, an offshore oil field in Mumbai High.