Quippo Oil & Gas Infrastructure, a subsidiary of HMPL, has been awarded a Rs. 280.1 crore contract from Oil India Limited.
Hazoor Multi Projects Ltd. (HMPL) Enters India's Upstream Oil and Gas Sector
Hazoor Multi Projects Ltd. (HMPL), a diversified infrastructure and engineering company based in Mumbai, has made a strategic move into India's upstream oil and gas sector. The company's subsidiary, Quippo Oil & Gas Infrastructure Ltd., has been awarded a contract valued at Rs. 280.1 Crore by Oil India Limited.
This deliberate, fundamentals-driven step by HMPL aligns with national energy priorities, as India's upstream oil and gas sector is undergoing significant expansion. The sector's growth is largely driven by government initiatives aimed at enhancing domestic exploration and production, reducing import dependence, and boosting energy security.
The Indian government has invested over $1.3 billion in upstream exploration and production, resulting in substantial hydrocarbon discoveries by state-owned companies such as ONGC and Oil India Ltd. Policies like the New Exploration Licensing Policy (NELP) and Open Acreage Licensing Policy (OALP) have attracted large investments, totaling billions of dollars, fueling exploration success and infrastructure growth.
Key government initiatives include increasing indigenous oil and gas production to counter declining domestic output and soaring import dependence, launching deepwater exploration missions, encouraging adoption of advanced technologies including AI for upstream digital transformation, promoting ethanol blending in fuels to reduce crude oil consumption and emissions, and expanding strategic petroleum reserves (SPR) and energy infrastructure for resilience against global price volatility.
While Quippo Oil & Gas Infrastructure Ltd. is not historically known for its upstream exploration or production, the company has a proven track record in oil and gas infrastructure solutions. Quippo has successfully executed over 125 wells across India, and its diversified service portfolio includes directional drilling, work-over operations, cementing, seismic surveys, and integrated field development.
The contract awarded to Quippo involves the charter hire of one drilling rig. This move positions HMPL at the center of a sector with stable, recurring revenue, margin durability, and long-cycle growth potential. Quippo's asset base includes a fleet of 14 advanced drilling rigs, ranging from 650 HP to 3000 HP.
HMPL's ambition is not limited to being a contractor of road infrastructure; it aims to be a strategic partner in India's energy and industrial growth story. The company is focusing on scalable growth, recurring revenues, and multi-vertical integration to build a future-ready platform at the intersection of infrastructure, energy, and industrial technology.
Notably, Quippo delivered the deepest onshore well in Indian history-in Assam-completed ahead of schedule and under budget. This achievement reinforces Quippo's credentials in the upstream oil and gas services domain, marking HMPL's entry into India's upstream energy services sector.
The Indian upstream Oil and Gas sector is poised for significant expansion, supported by the government's commitment to reduce energy import dependence by 10% and attract over $100 billion in energy infrastructure investment by 2030. HMPL's capabilities in the oil and gas sector have expanded, enabling it to pursue large-scale, integrated energy service contracts.
HMPL is known for execution excellence and strategic clarity, having built a solid track record across capital-intensive, nationally significant projects. The company aims to emerge as a strategic partner in India's energy and industrial growth story, focusing on creating sustainable, long-term stakeholder value.
- Hazoor Multi Projects Ltd. (HMPL), with a proven track record in oil and gas infrastructure solutions, aims to expand its capabilities in the upstream oil and gas sector, aligning with India's national energy priorities and the government's initiatives to attract investments and enhance domestic exploration and production.
- Quippo Oil & Gas Infrastructure Ltd., a subsidiary of HMPL, has shown its prowess in the upstream oil and gas services domain by delivering the deepest onshore well in Indian history, marking a significant step towards technological innovation in the sector.
- In a bid to scale up and integrate into multiple verticals, HMPL seeks to leverage technology, finance, and business opportunities in India's burgeoning upstream oil and gas sector, positioning itself as a strategic partner in the country's energy and industrial growth story.
