MUMBAI: A consortium of Indian oil companies have won 100 per cent stake in Abu Dhabi Onshore Block 1 Concession, participating in the oil-rich emirate’s first ever competitive block bid round, Indian Oil Corporation (IOC) said on Monday.
IOC, along with Bharat PetroResources (a subsidiary of Bharat Petroleum Corporation), have bagged the concession through a special purpose vehicle, Urja Bharat Pte Ltd.
The concession will run for 35 years, covering an area of 6,16 sq km around Ruwais field, including the already-discovered-but-undeveloped fields. IOC said the consortium will make an investment of $170 million for exploration activities.
“The present transaction marks entry of lndianOil as Joint Operator in the highly prospective UAE region and is consistent with its strategic objective of adding high quality E&P assets to its existing upstream portfolio,” IOC said.