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Journalism of Courage
Hindustan Petroleum Corporation Ltd (HPCL) has announced a capital expenditure of Rs 11,000 crore in the current fiscal, a major portion of which would be spent on ensuring cleaner fuel from its refineries at Mumbai and Visakhapatnam. About Rs 1,105 crore would be spent on retailing.
HPCL chairman and managing director M.B. Lal told reporters after the company’s AGM that the navratna company has also decided to enter the upstream exploration and production business and set aside an initial investment of Rs 500 crore.
However, the company would increase its allocation depending on the wells acquired by it. Lal added that it wants to be a big player in the E&P business. The company is in talks with three domestic companies in the E&P business, to bid for the the exploration blocks offered in the fourth of New Exploration Licensing Policy (NELP). The last date for filing expression of interest for these blocks is September 30. At present, Prize Petroleum, a joint venture company with FIS would advise HPCL on the E&P business.
