Indian Oil Corporation wins block in Abu Dhabi

New Delhi: State-owned Indian Oil Corporation (IOC) Monday said it along with its partner Bharat PetroResources Ltd (BPRL) has won an oil block in Abu Dhabi, where the two will invest $170 million. IOC-BPRL won the block in Abu Dhabi’s first-ever competitive bid round. “IOC and BPRL, a subsidiary of Bharat Petroleum Corporation Ltd (BPCL), acting jointly as a consortium through Urja Bharat Pte Ltd have been awarded 100 per cent stake in the Abu Dhabi Onshore Block 1 Concession,” it said in a regulatory filing. 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 Ltd. IOC and BPRL hold 50 per cent each in Urja Bharat Pte Ltd. “The Indian consortium will make an investment of $170 million for the exploration activities,” it said. pti