The E&P initiatives of HPCL have been articulated initially with acquisition of participating interests in 23nos. assets to date, since the humble foray into this new business line about 5 years ago. The portfolio of exploration stage assets has been strategically built and enhanced by participating in competitive bid rounds to 19 nos. E&P blocks from among prospective and prolific basins as well as frontier areas of India :
Krishna-Godavari (5 nos.)
- Mumbai Basin (2 nos.)
- Cambay (1 no.)
- Assam (1 no.)
- Rajasthan (2 nos.)
- Cauvery (6 nos.)
- Kerala Konkan (2 nos.)
HPCL has also spread its footprint overseas by winning the production sharing contract (PSC) for two blocks in Egypt, besides the already acquired interests in Oman and Australia each. Some of the assets have matured to appraisal stage after discoveries and have shown promising prospects with testing having been completed and hydrocarbon shows being recorded to take up further investments. The critical review of existing blocks from the current portfolio has enabled minimization of G&G risk and exploration investment risks. HPCL has proposed a Strategic Business Plan on substantial investment over the next 10 years of over 9,000 Crores (US $ 2 billion).
It is noteworthy that the impressive progress was accomplished during the most difficult times faced by the upstream industry and amidst stiff competition. The efforts in designing in-house processes on asset selection, acquisition process and developing synergetic relations with operator companies for joint bids have begun reaping substantial dividends.
In this regard, the requisite development of manpower skills and Technical Competencies Framework (TCF), Industrial Engineering (IE) study for a suitable Organogram of 28 multifunctional officers and various business processes are being designed and developed. The regular review and gap analysis has greatly helped in identification of suitable internal and external training programs.