- The consortium of State-owned Indian Oil Corporation (IOC) and Bharat PetroResources Ltd (BPRL), Urja Bharat Pte Ltd has acquired an oil block in Abu Dhabi, where the two will invest USD 170 million.
- “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 per cent stake in the Abu Dhabi Onshore Block 1 Concession,”
- The Concession has been awarded by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, where participation of the Indian consortium is through a special purpose vehicle (SPV), Urja Bharat Pte Ltd.
- IOC and BPRL hold 50 per cent each in Urja Bharat Pte Ltd.
- “The Indian consortium will make an investment of USD 170 million for the exploration activities,”
- “Onshore Block 1 covers an area of 6,162 square kilometres around Ruwais field and includes already discovered but undeveloped fields,” the filing said. “The present transaction marks the entry of IOC as joint operator in the highly prospective UAE region and is consistent with its strategic objective of adding high-quality exploration and production (E&P) assets to its existing upstream portfolio.”
- The UAE is the world’s seventh-largest oil producer, with about 96 per cent of its reserves within the Emirate of Abu Dhabi.
- The Concession award is for 35 years with the effective date of March 24, 2019.