New Delhi: Bharat PetroResources Limited (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL), has secured its first-ever production concession in Abu Dhabi. BPRL, in partnership with Indian Oil Corporation Limited (IOCL), was awarded the concession by Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) through a joint venture, Urja Bharat Pte Limited (UBPL), formed on a 50:50 basis between the two companies.
This significant development follows the earlier award of an exploration and production concession in March 2019, which marked the beginning of a successful exploration phase. UBPL invested nearly USD 164 million in exploration, covering a 6,162-square-kilometer area. The exploration yielded promising results, particularly in the 38-square-kilometer Ruwais area within Onshore Block 1, which contains undeveloped conventional oil and gas resources.
The production concession grants UBPL 100 percent concession rights and marks the first time an international company has been awarded a full production concession from Abu Dhabi’s exploration bid rounds. The project is expected to boost the emirate’s hydrocarbon sector while aligning with its goals for sustainable economic growth.
BPRL's entry as an operator in Abu Dhabi’s oil and gas development sector is a strategic milestone, enhancing India’s energy security by supplementing its portfolio with valuable production assets. This move is part of BPRL's ongoing efforts to balance its portfolio by adding production assets in prolific hydrocarbon basins.
Abu Dhabi's hydrocarbon expansion continues to attract global energy players, reinforcing its position as a leading player in the global energy landscape.
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