IOC-BPRL combine wins oil block in Abu Dhabi
Indian Oil Corporation (IOC) along with its partner Bharat PetroResources Ltd. (BPRL) have 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% 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, on behalf of the Abu Dhabi government, where the Indian consortium participated through a special purpose vehicle, Urja Bharat Pte Ltd.
