IOC-BPRL acquires oil block in Abu Dhabi
The consortium of State-owned Indian Oil Corporation (IOC) and Bharat PetroResources Ltd (BPRL), Urja Bharat Pte Ltd has acquired an oil block in Abu Dhabi, where the two will invest USD 170 million.
About the Acquisition
- Urja Bharat Pte Ltd has been awarded 100 per cent stake in the Abu Dhabi Onshore Block 1 Concession.
- Both IOC and BPRL hold 50 per cent each in Urja Bharat Pte Ltd.
- Urja Bharat Pte Ltd will make an investment of USD 170 million for the exploration activities and the concession is awarded for the period of four years effective from the date of March 24, 2019.
- Onshore Block 1 covers an area of 6,162 square kilometres around Ruwais field and includes already discovered but undeveloped fields.
- This Onshore Block 1 is located in the Al Dhafra region around Ruwais City and the refining complex, including the coastal region to the west. There are two existing undeveloped oil and gas fields in the area, named Ruwais and Mirfa, which will be appraised by the consortium.
The acquisition of the oil block by the consortium of State-owned Indian Oil Corporation (IOC) and Bharat PetroResources Ltd (BPRL), Urja Bharat Pte Ltd marks the entry of IOC as a joint operator in the highly prospective UAE region. The acquisition is consistent with its strategic objective of adding high-quality exploration and production (E&P) assets to its existing upstream portfolio.
Category: Economy & Banking Current Affairs