The share price of Hindustan Oil Exploration Company rose 5% in Tuesday’s intraday session, as the company secured a contract area in Mumbai from the Government of India to assess the discovered hydrocarbons and focus on its western offshore portfolio.
HOEC: Mumbai project details
Under the scope of work, the oil exploration company plans to evaluate the discovered hydrocarbons in the Mumbai area and focus on various development opportunities, including infrastructure sharing and operating synergies within its existing and emerging offshore portfolio.
The GOI’s contract area is situated in the Mumbai offshore basin and comprises multiple discovered field areas, which include their geographical boundaries and existing well locations.
“ The award further strengthens HOEC’s presence in the Western Offshore, where the Company already has an established operating presence in B80 field and are planning the development of B15 field which was awarded to it in 2025 by the Government of India,” HOEC said in its exchange filing.
The project is subject to the execution of a revenue-sharing contract between the President of India and HOEC. The bid work programme and commercial terms, area, map, and other details pertaining to the contract will be included in the HOEC’s bid to the final RSC, and the date and modalities of the same will be communicated separately, the company added in its regulatory filing.
HOEC received approval from the Government of India for the contract areas in Mumbai, which was communicated to the company via the Directorate General of Hydrocarbons (DGH), Ministry of Petroleum & Natural Gas, in a letter dated August 31, 2026.
HOEC share price
HOEC’s stock was up around 4% in Tuesday’s intraday trade. Over the past one month, its stock has delivered a return of more than 5%, while over the past six months, its share price has climbed by more than 28%.