Chennai-based Hindustan Oil Exploration Company (HOEC) on Monday said it's focussed on developing the B-80 block in Mumbai offshore and it will be funded via internal accruals.
The B-80 block, which lies in the vicinity of state-owned Oil and Natural Gas Corporation’s (ONGC) giant oil and gas fields in Mumbai offshore, is estimated to hold reserves of 40 million barrels of oil and 26 billion cubic feet of gas.
The stock is in focus after the cabinet approved reforms in the exploration and licensing policy to enhance domestic exploration of oil and gas.
In an interview to CNBC-TV18, P Elango, managing director, said the HOEC's overall focus is to increase exploration activity in unexplored areas.
Elango said HOEC has cash of Rs 120 crore in books and should be able to do better than Q3FY19 as there has been fluctuation in oil prices.