India News
Search Web Directory
News Home
HPCL arm Prize Petroleum takes a ₹ 24.41 crore hit
Posted on 20th August 2018
Mumbai: Bad prospects have forced state-run Hindustan Petroleum Corp. Ltd (HPCL) to relinquish 19 of its 21 exploration and production blocks, ending its upstream ambitions. In its 2017-18 annual report, HPCL also said the net worth of its fully owned exploration and production subsidiary Prize Petroleum Co. Ltd has partially eroded.

“The management had considered 24.41 crore as an impairment loss in value of investment. Accordingly, a provision was accounted during FY2016-17. No further impairment is considered necessary during FY 2017-18,” the company said.

HPCL did not reply to an email sent on 17 August.

Until they were relinquished, HPCL held five blocks in the Krishna-Godavari basin; two each in Mumbai basin, Rajasthan and Kerala Konkan; one each in Cambay basin and Assam, and six in Cauvery basin.

The company’s annual report adds, “Block KK-DWN-2002/3 was relinquished during the year…blocks RJ-ONN-2004/3; MB-OSN-20010/2; RJ-ONN-2004/1, KK-DWN-2002/2, MB-OSN-2004/1, MB-OSN-2004/2; Blocks CY-DWN-2004/1,2,3,4, CY-PR-DWN-2004/1&2, KG-DWN-2004/1,2,3,5 and 6 are under relinquishment.”

“HPCL ventured into the upstream sector without much experience, creating a very high-risk portfolio. Prize Petroleum was set up in 1998 as a joint venture to focus on the company’s upstream ambitions but did not meet with much success,” a person aware of the details said on condition of anonymity.

In 2017-18, Prize Petroleum achieved total production of 33,752 barrels of crude oil from domestic oil field at Hirapur (Gujarat). PPCL has a wholly-owned subsidiary namely Prize Petroleum International Pte Ltd. (PPIPL), incorporated in Singapore. PPIPL has 11.25% and 9.75% participating interests in two hydrocarbon blocks, T/L1 and T/18P respectively in Australia.

“PPIPL has achieved its share of production of 459,269 BOE (barrels of oil equivalent) from Yolla producing field (T/L1). During 2017-18, PPCL achieved total revenue of 106.27 crore on consolidated basis as compared to ₹86.49 crore achieved during previous year,” said HPCL in the annual report.

Related Companies: Hindustan Petroleum Corporation Ltd.(HPCL)   

Other Latest News
IT raids in Delhi, Jaipur in tax evasion case against Rajasthan group
Posted on 13th July 2020
The Income Tax Department is conducting searches in four cities, including Delhi and Jaipur, in connection with a tax evasion case against a Rajasthan-based jewellery group, officials said on Monday.

They said the raids have been launched early morning in Delhi, Jaipur, Mumbai and Kota.

YES Bank declines for second straight day, slips 17% on heavy volumes
Posted on 13th July 2020
Shares of YES Bank extended their decline itnto second straight day, down 17 per cent to Rs 21.20 in the intra-day trade, on the BSE on Monday on the back of heavy volumes after the bank on Friday fixed floor price for its proposed follow-on public offer (FPO) at Rs 12 per share and a cap of Rs 13 per unit. In the past two trading days, the stock has tanked 20 per cent from a level of Rs 26.65 on the BSE.

Indiscipline will not be tolerated, says Rajasthan Congress chief Avinash Pandey
Posted on 13th July 2020
With the political logjam in Rajasthan continuously intensifying, the ruling Congress in the state has made it clear that it will not tolerate any indiscipline in the party.

The statement comes as the crucial Congress Legislature Party meeting is underway.

Sachin Pilot likely to be sacked from Congress but won't join BJP: Sources
Posted on 13th July 2020
With the political developments in Rajasthan intensifying after Deputy Chief Minister Sachin Pilot revolted against the Ashok Gehlot led government, the Congres party is likely to sack the former as the president of Rajasthan Congress.

Raghuveer Meena likely to be appointed as new Congress state president in place of Sachin Pilot, sources quoted by Zee News claimed.

Coronavirus Outbreak: With 28,701 cases in a day, India's COVID-19 tally tops 8.78 lakh; death toll 23,174
Posted on 13th July 2020
As the coronavirus cases in India continue to spread rapidly, India is now just behind the United States and Brazil in terms of the total confirmed cases as it already overtook Russia to take the third spot in the list of worst-hit nations in the world affected by the coronavirus disease (COVID-19). It is, therefore, also the biggest epicenter of the coronavirus disease pandemic in Asia.

With over 28,800 new cases reported in the last 24 hours, India's COVID-19 count on Monday crossed the 8.78 lakh-mark, while the death toll has crossed the 23,000-mark as well.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for HPCL arm Prize Petroleum takes a ₹ 24.41 crore hit
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Security Code*

Be the first person to write a business review for HPCL arm Prize Petroleum takes a ₹ 24.41 crore hit

Most Read News

China has caused great damage to the US, rest of the world: Trump

US airlines reach deal on govt loans as Covid-19 threatens demand, jobs

Gold price slides Rs 188 to Rs 48,444 per 10 gm, silver is 48,870 per kg

Apollo Tyres decides to reduce capex by Rs 400 crore over coronavirus

GMR completes stake sale in airport biz to Groupe ADP, gets Rs 4,565 cr

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020
    All Rights Reserved
Privacy Statement