Oil & Gas Exploration & Production

India’s hydrocarbon sector is experiencing a wave of activity, driven by both exploration successes and operational challenges. ONGC’s recent gas discovery in the Mahanadi Deepwater Basin, alongside the spudding of its first deepwater well, underscores the nation’s push for greater energy independence and the potential of its offshore reserves. However, Hindustan Oil Exploration Company (HOEC) reported a significant profit decline due to a dispute reversal and internal control weaknesses, highlighting the complexities of navigating contractual relationships and maintaining robust financial processes within the sector. Gujarat Natural Resources, conversely, demonstrated a strong turnaround, and is proposing a stock split, signaling potential for renewed investor interest.