HOEC liabilities to service providers aggregate in excess of Rs 150 Cr

One of India’s first private oil and gas companies, Hindustan Oil Exploration Company (HOEC) has come a long way since the time when majors and supermajors — Unocal, Chevron and Eni owned a significant share of the company.

Going by the shareholder details forming part of the 36th Annual Report for FY19-20, the promoter has only 5,745 shares, a meagre 0.004 per cent in HOEC. Absence of international players largely due to improper and incorrect governance speaks volumes on the fall of HOEC from its days of glory, sources said.

For any investor in the company, the current level of visibility that HOEC has been gaining maybe beneficial from a short-term perspective.

However, the gains may end up being short lived due to decision and leadership of the management namely the CEO and CFO of the company.