BPCL and IOCL’s JV Received Onshore Oil & Gas Production From Abu Dhabi

Abu Dhabi has awarded oil and gas production rights for an onshore block to a joint venture of Indian state-run refiners Bharat Petroleum Corp Ltd and Indian Oil Corp, BPCL said in a statement on Wednesday.

The Supreme Council for Financial and Economic Affairs of Abu Dhabi has granted rights to Urja Bharat Pte Ltd, an equal joint venture of Indian Oil and Bharat PetroResources, BPCL’s exploration and production arm.

BPCL said the Indian companies have been given production rights for onshore block 1 after successfully completing the exploration phase awarded in 2019. The initial exploration efforts in Onshore Block 1 have yielded positive results.

This development marks a significant milestone for India’s energy sector. It secures a stable supply of crude oil and natural gas from a strategic partner in the Middle East. This move aligns with India’s efforts to diversify its energy sources and reduce its dependence on imports.

About Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation is a public sector company that refines crude oil and marketing petroleum products. BPCL is at the forefront of India’s biofuel push. The Company has increased ethanol blending in petrol to 11.70% from 10.60% in the previous year. We have expanded our retail network for E20 fuel to 4,279 outlets. Additionally, the company procured 102.60 TKL of biodiesel during FY24.

About Indian Oil Corporation Ltd

Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI that has business interests straddling the entire hydrocarbon value chain – from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals. It has a leadership position in the Oil refining & petroleum marketing sector of India.

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