Bharat PetroResources Limited (BPRL), a fully owned subsidiary of Bharat Petroleum Corporation Limited (BPCL), secured first-ever production concession in Abu Dhabi.
In collaboration with Indian Oil Corporation Limited (IOCL), BPRL was awarded the concession by Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) through a joint venture called Urja Bharat Pte Limited (UBPL), which is equally owned by both companies.
The development builds on the 2019 award of an exploration and production concession, which initiated a successful exploration phase. UBPL invested around $164 million in exploration activities across a 6,162-square-kilometer area, resulting in encouraging discoveries.
A notable success was the identification of untapped conventional oil and gas resources in the 38-square-kilometer Ruwais area, located within onshore block 1.
Under the production concession, UBPL holds hundred percent of the concession rights, marking the first instance in which an international company has been granted a full production concession through Abu Dhabi’s exploration bid process. The initiative is poised to strengthen the emirate’s hydrocarbon sector while supporting its vision for sustainable economic development.
For BPRL, the concession represents a strategic breakthrough, as it establishes the company as an operator in Abu Dhabi’s oil and gas industry.
As reported by psuwatch.com, the move is expected to bolster India’s energy security by diversifying its portfolio with valuable production assets. It is also part of BPRL’s broader strategy to enhance its portfolio with assets located in prolific hydrocarbon regions.
