State run Indian Oil Corporation (IOC) along with its partner Bharat PetroResources Limited (BPRL) has won an oil block in the Abu Dhabi, IOC said on Monday in a regulatory filing.
“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 Indian consortium won the block in Abu Dhabi’s first ever competitive bid round.
The joint consortium of IOC-BPRL will be investing $170 million in the oil block and has been awarded the ownership of oil block for the next 35 years effective from 24 March 2019.
The concession awarded by supreme petroleum council to the Special Purpose Vehicle (SPV), Urja Bharat Pte Ltd which is jointly owned by IOC and BPRL. Both will have 50% stake each in Urja Bharat Pte Ltd. The Indian consortium will be investing $170 million in the exploration activities.
Onshore Block 1 covers an area of 6,162 square km around Ruwais field and includes already discovered but undeveloped fields,” the filing said. The location has two undeveloped oil and gas fields- Ruwais and Mirfa.