Indian Consortium Comprising Of IndianOil & Bharat PetroResources Acquires Abu Dhabi Onshore Block 1
Indian Oil Corporation Limited (lndianOil) along with Bharat PetroResources Limited (BPRL), a subsidiary of Bharat Petroleum Corporation Limited (BPCL) acting jointly as a consortium through Urja Bharat Pte Limited (the "Indian Consortium") have been awarded 100% stake in the Abu Dhabi Onshore Block 1 Concession (the "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 Limited, which comprises of lndianOil: 50%, BPRL: 50%. The Indian Consortium will make an investment of USD 170 million for the exploration activities. This award is part of Abu Dhabi's first·ever competitive block bid round.
The Concession award is for a term of 35 years, which was signed between ADNOC and Indian Consortium.
Onshore Block 1 covers an area of 6,162 sq. km. around Ruwais field and includes already discovered but undeveloped fields. The present transaction marks the entry of lndianOil as Joint Operator in the highly prospective UAE region and is consistent with its strategic objective of adding high-quality E&P assets to Its existing upstream portfolio.
lndianOil cautions that the forward-looking statements are based on reasonable assumptions and no assurance can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed.
