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Urja Bharat Pte Ltd, a 50:50 consortium of Indian Oil Corporation Ltd (IndianOil) and Bharat PetroResources Ltd (BPRL), has won the entire stake in the Abu Dhabi onshore Block 1 concession. BPRL is a subsidiary of Bharat Petroleum Corporation Ltd (BPCL).
“The concession has been awarded by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, where the participation of the Indian consortium is through a special purpose vehicle (SPV), Urja Bharat Pte Ltd,” IndianOil said in a statement to the exchanges.
“The Indian consortium will make an investment of $170 million for the exploration activities. This award is part of Abu Dhabi's first-ever competitive block bid round,” the statement added.
The contract was signed on March 24. The consortium has rights to exploration and production from this block for 35 years since the date of contract signing.
The onshore block is spread over 6,162 sq km around the Ruwais field and includes already discovered but undeveloped fields, the statement said.
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