Indian Oil Corporation along with Bharat PetroResources, a subsidiary of Bharat Petroleum Corporation acting jointly as a consortium through Urja Bharat (Indian Consortium) have been awarded 100% stake in the Abu Dhabi Onshore Block 1 Concession.
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, which comprises of Indian Oil : 50%, BPRL: 50%. The Indian Consortium will make an investment of USD 170 million for the exploration activities. This award is part of Abu Dhabi's first-ever competitive block bid round.
The Concession award is for a term of 35 years with the effective date being 24 March, 2019, which was signed on 24 March 2019 between ADNOC and Indian Consortium.
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