HOEC was incorporated in 1983 for taking up Exploration and Production (E&P) activities by Late Shri. H T Parekh. HOEC was the first private company in India to enter into field of oil and gas exploration. HOEC’s operational activities commenced in 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.

The Company has been under professional management since inception consisting of eminent industrialists, professionals and technocrats like Late Shri B.K Nehru, Late Dr. I. G. Patel, Shri Deepak Parekh and the current Chairman Shri R. Vasudevan. 

In 2005, Burren Shakti Ltd (BSL) and Burren Energy India Ltd (BEIL), wholly owned subsidiary of Burren Energy plc (Burren), acquired 26% controlling stake in the Company from Unocal. Burren is a London based exploration and production company, having core producing assets in the Caspian state of Turkmenistan, the Republic of Congo and Egypt. In February 2008, Burren was acquired by ENI UK Holdings plc which is a subsidiary of ENI spa, Italy.

The Company has a 100% subsidiary, HOEC Bardahl India Ltd, engaged in marketing of high performance fuel / engine additives.

The Company has participating interest in seven oil/gas fields in India (in Cambay basin, Cauvery basin and Assam Arakan basin), which are in varying stages of E & P life cycle i.e. exploration, development and production.