New Delhi: Bharat PetroResources Ltd (BPRL), a 100% subsidiary of Bharat Petroleum Corporation Ltd (BPCL), along with Indian Oil Corporation Ltd (IOCL), through their joint venture Urja Bharat Pte Ltd (UBPL), has been awarded a production concession by the Supreme Council for Financial and Economic Affairs (SCFEA) in Abu Dhabi.
This concession follows the exploration and production award to UBPL in March 2019 and the successful completion of the exploration phase, with an investment of nearly USD 164 million. The concession covers an area of up to 6,162 square kilometres and grants UBPL 100% concession rights.
Exploration efforts in Onshore Block 1, specifically in the 38 square kilometre Ruwais area, have yielded positive results. The area includes conventional undeveloped oil and gas resources, and its development will contribute to Abu Dhabi’s expansion of its hydrocarbon sector, promoting sustainable economic growth.
The production concession agreement provides UBPL equity oil rights, bolstering India’s energy security efforts. The award marks BPRL’s first full production concession in the Abu Dhabi region, consistent with its strategy to balance its portfolio by adding production assets in prolific basins.
This is the first full production concession awarded to an international company from Abu Dhabi’s exploration blocks bid rounds.
