Indian JV awarded licence for onshore block in Abu Dhabi

Abu Dhabi

ABU DHABI, September 12, 2024 – Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) awarded Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited’s (BPCL) joint venture, Urja Bharat Pte Limited (UBPL), an oil and gas production licence for Onshore Block 1, BPCL announced on Wednesday.

The SCFEA previously awarded UBPL an exploration concession for Onshore Block 1 in 2019. BPCL confirmed that the USD 164-million exploration phase yielded positive results. The block covers an area of 6,162 square kilometres in the Al Ruwais area.

Jassem Mohammed Bu Ataba Al Zaabi, secretary general of SCFEA, commented, “This concession is part of our broader strategy to enhance the resilience and sustainability of our economy, ensuring that our resources continue to create value for future generations while supporting the UAE’s vision for long-term economic growth and stability.”

The licence represents the first full production concession awarded to an international company and reinforces Abu Dhabi’s commitment to being a global energy leader.

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