Hindustan Oil Reservoirs 16% delaying start-up of B-80 . project

Shares of Hindustan Oil Exploration (HOEL) fell 16 per cent to Rs 183.75 over BSE in the other companies’ market on Friday, after the company updated its B-80 project. The company said that there was a delay in the start of production from the field due to operational reasons.

12:09 p.m.; The stock was down 10 per cent at 198 rupees, compared to a 0.36 per cent drop in S&P BSE Sensex. Over-the-counter volumes jumped more than fourfold with 5.6 million shares of the combined stock traded on the NSE and BSE exchanges. The stock had hit a 52-week high of Rs 245.15 on January 18, 2022.

HOEL said pre-run and safety tests at the KGB-Offshore Installation (MOPU) and FSO Prem Pride (FSO) have been completed and the system is ready to receive the first hydrocarbons. “The well opening sequence was followed to safely bring the first well into production, however we have encountered operational issues and troubleshooting is still ongoing,” HOEL said in the drain file.

She added that the delay witnessed in starting production from the field was not expected, and the company is taking the necessary corrective measures, and the field will be brought safely to the line for production once the problems are corrected.

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