Hindustan Oil acquiring Hardy Exploration

Hindustan Oil Exploration Co. Ltd. has conditionally agreed to acquire all share capital of Hardy Exploration & Production (India) Inc. for $1.5 million cash. Both private-sector companies are based in Chennai, India.

Hardy has an 18% interest in shallow-water PY-3 oil field in the Cauvery basin off eastern India, a 10% interest in the GS-01 exploration license operated by Reliance Industries Ltd. in the offshore Cauvery basin, and a 75% operated interest in the CY-OS/2 exploration license in the Saurashtra basin off western India.