Indian Oil Corporation and BPRL acquire 100% stake in 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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First Published: Mar 25 2019 | 10:23 AM IST