Business Standard

Battle over oil field picks up; HC freezes HOEC's assets in interim order

Hardy Exploration & Production over PY-3 offshore field wins a round in legal fight

ongc, oil, oil field, natural gas, gas
Premium

Since July 2011, production in the field was shut down as contract with Aban Offshore for Floating Production Storage System expired | File Photo

Shine Jacob New Delhi
A legal battle between two oil companies has led to the Gujarat High Court "freezing" all assets of Chennai-based Hindustan Oil Exploration Company (HOEC).

This was after the firm did not pay an arbitration amount ordered by a Malaysian court in a case involving Hardy Exploration & Production over PY-3 offshore field in the east coast of India. Hardy put the arbitration award at around Rs 27 crore, but HOEC said it’s around Rs 10 crore. Hardy approached the High Court when the amount it claims was not pai, leading to the interim court order restraining HOEC, its directors, employees,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 26 2020 | 4:20 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com