+
Indian Oil JV secures production concession deal in Abu Dhabi
OIL & GAS

Indian Oil JV secures production concession deal in Abu Dhabi

Urja Bharat Pte Limited (UBPL), a 50:50 joint venture formed by a wholly-owned subsidiary of Indian Oil Corporation and Bharat Petro Resources Limited, has been awarded a production concession contract by the Supreme Council for Financial and Economic Affairs (SCFEA) in Abu Dhabi.

This development follows the awarding of an exploration and production concession to UBPL in March 2019 and the successful completion of the exploration phase, during which the SPV invested nearly $164 million, according to a statement from the Indian group.

The concession agreement encompasses a total area of up to 6,162 square kilometers, granting UBPL 100% concession rights.

According to UBPL, this transaction signifies the entry of Indian Oil Corporation as an operator for the development of a production concession in the highly productive Abu Dhabi region. This aligns with the company’s strategic objective of balancing its portfolio by incorporating production assets in prolific basins to enhance its existing exploration and production (E&P) portfolio.

Initial exploration efforts have produced promising results in Onshore Block 1, particularly within the 38 sq km Ruwais area. With the award of the production concession, UBPL is now eligible to commercially develop the oil and gas resources in the region, as stated by the Indian group.

This award marks the first full production concession granted to an international company from Abu Dhabi’s exploration blocks bid rounds.

The production concession agreement provides UBPL with equity oil rights, furthering the company’s efforts towards enhancing India's energy security.

Urja Bharat Pte Limited (UBPL), a 50:50 joint venture formed by a wholly-owned subsidiary of Indian Oil Corporation and Bharat Petro Resources Limited, has been awarded a production concession contract by the Supreme Council for Financial and Economic Affairs (SCFEA) in Abu Dhabi. This development follows the awarding of an exploration and production concession to UBPL in March 2019 and the successful completion of the exploration phase, during which the SPV invested nearly $164 million, according to a statement from the Indian group. The concession agreement encompasses a total area of up to 6,162 square kilometers, granting UBPL 100% concession rights. According to UBPL, this transaction signifies the entry of Indian Oil Corporation as an operator for the development of a production concession in the highly productive Abu Dhabi region. This aligns with the company’s strategic objective of balancing its portfolio by incorporating production assets in prolific basins to enhance its existing exploration and production (E&P) portfolio. Initial exploration efforts have produced promising results in Onshore Block 1, particularly within the 38 sq km Ruwais area. With the award of the production concession, UBPL is now eligible to commercially develop the oil and gas resources in the region, as stated by the Indian group. This award marks the first full production concession granted to an international company from Abu Dhabi’s exploration blocks bid rounds. The production concession agreement provides UBPL with equity oil rights, furthering the company’s efforts towards enhancing India's energy security.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code