Indian Oil Corporation Limited has announced fresh oil discoveries in Abu Dhabi’s Onshore Block 1 exploration concession, operated jointly with Bharat PetroResources Limited through a special purpose vehicle.
The findings include oil flows from two exploratory wells in different reservoirs, supporting continued appraisal and future development planning in the concession area.
Indian Oil Corporation and Bharat PetroResources Limited jointly operate the Onshore Block 1 concession in Abu Dhabi through Urja Bharat Pte Limited, a 50:50 special purpose vehicle.
The concession was awarded during Abu Dhabi’s 2019 bid round, marking the companies’ expansion into international upstream operations.
The first oil discovery in the block was made in early 2024 in the unconventional Shilaif play through the XN-76 exploratory well. Following hydrofracking operations, the well produced light crude oil at the surface, confirming the presence of unconventional oil resources. The partners plan to assess the commercial viability of this find during the appraisal phase.
A second discovery was recorded during testing of the XN79-02S exploratory well, which flowed light crude oil from the Habshan reservoir.
This marks the first oil discovery in this reservoir within the concession area. The companies intend to undertake further appraisal to evaluate development potential.
In addition to the recent discoveries, the partners are progressing plans to develop the existing Ruwais field and continue exploring other hydrocarbon prospects within the concession.
These activities form part of the broader strategy to strengthen international exploration and production capabilities.
Indian Oil Corporation Limited’s shares traded marginally lower in early trading on 14 January 2026.
As of 09:32 AM, the stock was priced at ₹157.00, down ₹0.40 or 0.25% from the previous close of ₹157.40.
The share opened at ₹157.00, reached an intraday high of ₹157.59, and touched a low of ₹156.09 during the session.
The oil discoveries in Abu Dhabi’s Onshore Block 1 represent continued progress in Indian Oil’s overseas exploration efforts. Ongoing appraisal and development planning will determine the commercial outlook of these finds, while market participants monitor further updates on international operations.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jan 14, 2026, 9:35 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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