BPRL-IOCL JV secures first full production concession in Abu Dhabi

17 Sep 2024 CW Team

Bharat PetroResources (BPRL), a wholly-owned subsidiary of Bharat Petroleum Corporation (BPCL), in partnership with Indian Oil Corporation (IOCL), has received a production concession through their joint venture, Urja Bharat (UBPL). This concession was granted by the Supreme Council for Financial and Economic Affairs (SCFEA) in Abu Dhabi.

This award follows UBPL's earlier exploration and production concession secured in March 2019, after successfully completing the exploration phase with an investment of approximately $164 million. The concession encompasses an area of up to 6,162 square kilometres, providing UBPL with 100% concession rights.

Exploration activities in Onshore Block 1, particularly in the 38-square-kilometer Ruwais area, have shown promising results. The region contains conventional undeveloped oil and gas resources, and its development is expected to contribute to the expansion of Abu Dhabi's hydrocarbon sector, fostering sustainable economic growth.

The production concession agreement grants UBPL equity oil rights, enhancing India's energy security initiatives. This marks BPRL's first complete production concession in the Abu Dhabi region, aligning with its strategy to diversify its portfolio by acquiring production assets in resource-rich basins.

Notably, this is the first full production concession awarded to an international company from Abu Dhabi’s exploration blocks bid rounds.

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