HOEC surges as DGCH approves commerciality of Dirok block

MUMBAI: Shares of Hindustan Oil Exploration ended the day with 11.77% gains at Rs 42.25 on the BSE.

The was on account of the Oil Ministry and Directorate General of Hydrocarbons approving commerciality of Dirok block in Assam.

According to the management, infrastructure is available to deliver gas from Dirok block to the market. P Elango, MD, HOEC, in an interview to ET Now said it will take two years for the gas from Dirok block to be marketed. The company is looking for more opportunities in Northeast region. It is focusing more on onshore portfolio than off-shore at the moment.

HOEC owns 26.9 per cent interest in the block. Other consortium partners include Oil India and Indian Oil Corporation.