(ET)
State-owned Indian Oil Corporation (IOC) said it along with its partner Bharat PetroResources Ltd (BPRL) has won an oil block in Abu Dhabi, where the two will invest USD 170 million. IOC– BPRL won the block in Abu Dhabi‘s first-ever competitive bid round. “IOC and BPRL, a subsidiary of Bharat Petroleum Corporation Ltd (BPCL), acting jointly as a consortium through Urja Bharat Pte Ltd have been awarded 100 per cent stake in the Abu DhabiOnshore Block 1 Concession,” it said in a regulatory filing. 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 purpose vehicle (SPV), Urja Bharat Pte Ltd.
