HPCL, in partnership with ICICI and HDFC, had formed this Joint Venture E&P Company for participating in exploration and production of hydrocarbons. Prize was incorporated on October 28, 1998. Prize is also providing consultancy services related to E&P. The consortium of Prize, HPCL and Trenergy of Malaysia, which had signed the Service Contract for development of ONGC’s offshore marginal fields-Cluster-7, has made considerable progress during the year. Initial Development Plan (IDP) duly approved by all consortium partners has been submitted to ONGC Limited. Reservoir simulation study has been completed. Prize has signed a Service Contract with ONGC Ltd for development of marginal fields in Cambay basin. In respect of onshore block (under NELP-VI) at South Reva in Madhya Pradesh, after receipt of Petroleum Exploration License (PEL) from State Govt., the exploration activities as per committed minimum work program have been initiated. Prize is the Operator in this field.