Q2 2025 Hindustan Oil Exploration Company Ltd Earnings Call Transcript
Key Points
- Hindustan Oil Exploration Co Ltd (BOM:500186) completed the Dirok workover, increasing production from wells 1 and 2.
- The company received environmental clearance for North Balol and Asjol in the Cambay block, paving the way for drilling.
- Hindustan Oil Exploration Co Ltd (BOM:500186) was the sole bidder for Block B-15 in Mumbai offshore, indicating potential future growth.
- The company is planning to drill additional wells in B-80, which could increase production levels.
- The Northeastern gas grid connectivity is expected to improve by 2025, potentially increasing demand and sales.
- Gas sales from the Dirok field decreased due to low demand caused by floods and plant shutdowns in Assam.
- Revenue and profit before tax for the quarter significantly decreased compared to the previous quarter.
- The company faces demand constraints in the Northeast, affecting its ability to monetize resources quickly.
- Operational challenges in B-80 led to production shutdowns for over 35 days during the quarter.
- The company's consolidated turnover and EBITDA saw a notable decline due to reduced offtake and lower gas prices.
Ladies and gentlemen, good day, and welcome to the HOEC Limited Q2 and H1 FY '25 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to the management. Thank you, and over to you.
Thank you, Anuj. Good morning. Hope everyone has received the updated earnings presentation. It is on our website for your reference. I have with me Krishnan Raghavan, Chief Technical Officer; Senthilnathan, Chief Financial Officer; and Daisy, our Company Secretary.
I'd like to start with updates on the Northeastern region. Dirok workover has been completed and it achieved its purpose of increase in production from both the wells 1 and 2. In Dirok-4, the extension of hydrocarbon-bearing sands in Sands 22A and 23 is proved to be in the deeper flanks of the structure, where Dirok-4 is shut in and is planned to perform asset jobs with partners' approval before we put the well on production.
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