Hindustan Oil Exploration to acquire Hardy Exploration and Production

Hindustan Oil Exploration Company (HOEC) said on Tuesday it has entered into a conditional agreement with US-based Hardy Oil and Gas to acquire the entire share capital of its Indian project office. Hardy Exploration and Production has assembled a strategic position in the oil and gas basins on the east coast of India and off the Saurashtra west coast near the Bombay High field.

This has been done through asset acquisition, reserve optimisation, and development of strong working relationships since 1997. The company has also acquired development assets in the Niger Delta of Nigeria, a proven oil province. "HOEC has entered into a conditional agreement with Hardy Oil and Gas plc, subject to their shareholders' and other approvals, to acquire the entire share capital of HEPI, a company incorporated in the state of Delaware having an Indian project office," it said in a statement.

"None of the directors, key managerial personnel or their relatives and the promoters of the company are concerned or interested in the said transaction. Also, it is not a related party transaction," it added. HOEC's story began in 1983 with the need for private participation in the Indian oil and gas sector. It has emerged as a fast-growing and independent exploration and production player with 10,000 barrels of oil equivalent products every day from four of the seven producing basins in India.

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