Hindustan Oil Exploration Company (HOEC) on Tuesday said its ongoing dispute with state-run gas utility GAIL in relation to sale of natural gas from PY-1 Field has been settled. In a filing to the BSE, HOEC said as the operator of PY-1 Field, it has executed a tripartite settlement agreement with GAIL India and PPN Power Generating Company in this regard. The tripartite settlement agreement entails the termination of natural ga s sale and purchase agreement with PPN and settlement of the ongoing dispute with GAIL in relation to the sale of natural gas from PY-1 field. HOEC, which has a 100 per cent operated participating interest in PY-1 Field expects it to generate an annual revenue of more than $65 million upon reaching first plateau production. The PY-1 is an offshore field of Cauvery Basin.
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