Indian Oil Corporation (IOC) along with its partner Bharat PetroResources Ltd. (BPRL) have won an oil block in Abu Dhabi, where the two will invest $170 million.
IOC-BPRL won the block in Abu Dhabi’s first-ever competitive bid round.
“IOC and BPRL, a subsidiary of Bharat Petroleum Corporation Ltd. (BPCL), acting jointly as a consortium through Urja Bharat Pte Ltd. have been awarded 100% stake in the Abu Dhabi Onshore Block 1 Concession,” it said in a regulatory filing.
The concession has been awarded by the Supreme Petroleum Council, on behalf of the Abu Dhabi government, where the Indian consortium participated through a special purpose vehicle, Urja Bharat Pte Ltd. IOC and BPRL hold 50% each in Urja Bharat Pte. Ltd. “The Indian consortium will invest $170 million for the exploration activities,” it said. The concession award is for 35 years.
“Onshore Block 1 covers an area of 6,162 square kilometre around Ruwais field and includes already discovered but undeveloped fields,” the filing said.
