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HOEC expects to achieve overall revenue target of Rs 200 crore in FY19

Updated : January 22, 2019 02:27 PM IST

Chennai-based Hindustan Oil Exploration Company (HOEC) on Tuesday said it expects to achieve overall revenue target of Rs 200 crore in FY19.

In an interview to CNBC-TV18, P Elango, managing director, said, "Margins are expected to be maintained at about 70 percent as we guided earlier."

"How the oil prices are going to play out over the next quarter is uncertain. Though, the impact of oil prices on us is about 10 percent, one is very unsure about how the oil prices are going to play out," Elango said.

"In Q2, HOEC achieved the full production capacity of about 32 million cubic feet of gas per day in Dirok field. In Q3, HOEC achieved full production capacity of about 10 million cubic feet in PY-1 field. So as we enter Q4, HOEC expect to deliver the full production capacity both from our key two assets Dirok as well as PY-1, which means we would be entering the next financial year on a full production capacity basis as such," he said.

“In next financial year, HOEC's target is to focus on our next development project, which is the B-80 field in Mumbai offshore that we won during the Discovered Small Field (DSF) round. This field can add 5,000 barrels of gross production of which 50 percent is our share. So, we would be focusing on delivering the project as promised by Q1 of FY20-21 i.e. April to June 2020. On the production front, HOEC expect to deliver the full production capacity from both PY-1 and Dirok," he further mentioned.
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