IOC-BPRL wins oil block in Abu Dhabi

IOC-BPRL wins oil block in Abu Dhabi

New Delhi: State-owned Indian Oil Corporation (IOCNSE 4.65 %) Monday said it along with its partner Bharat PetroResources Ltd (BPRL) has won an oil block in Abu Dhabi, where the two will invest USD 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 LtdNSE 1.25 % (BPCL), acting jointly as a consortium through Urja Bharat Pte Ltd have been awarded 100 per cent stake in the Abu DhabiOnshore 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 USD 170 million for the exploration activities," it said.