HOEC: New boss P. Elango promises clean start
HOEC's new managing director P.
Elango believes that with him in charge parent company Eni might be persuaded to retain its 47.18% stake. “Eni is quite happy to have me as managing director,” Elango proudly tells PETROWATCH from Chennai, where he will be based.
Elango disputes the assertion that HOEC has “no good assets” as claimed by pharmaceutical giant Sun Pharma when it abandoned plans to buy Eni’s stake. “HOEC has a fine combination of nine exploration, development and production assets,” he says.
“Reviewing these is my top priority.” Appointed on February 3, the former Cairn interim CEO said he might consider raising funds through financial institutions or new investors and also wants to handpick good management and technical teams.
“Past experience tells me having a good team solves all problems,” adds Elango. At PY-3 off Tamil Nadu, where HOEC holds 21%, Elango wants to work with operator Hardy (18%) to resume production of 3200 b/d - shut-in since July 2011.
Similarly at the PY-1 gasfield where HOEC is operator with 100%, and which has proved reserves of 45.5-bcf, Elango wants to reverse production decline. At Cambay basin block CB-OS/1, Elango wants to implement the field development plan with partners ONGC and Tata Petrodyne to accelerate first production.
