The Abu Dhabi Supreme Council for Financial and Economic Affairs (SCFEA) has awarded a production concession agreement to Urja Bharat (UBPL), a Special Purpose Vehicle of Indian Oil Corporation and Bharat Petroleum Corporation.

 

This follows the award of the exploration and concession to UBPL in March 2019, and the successful completion of the exploration phase, during which the company invested nearly $164 million.

 

The production concession agreement covers a total area of up to 6,162 square kilometers, granting UBPL 100 per cent concession rights.

 

Initial exploration efforts have yielded positive results in Onshore Block 1, specifically within the 38 square kilometer Ruwais area.

 

The area includes conventional undeveloped oil and gas resources, and its development will contribute to Abu Dhabi's efforts to expand its hydrocarbon sector while promoting sustainable economic growth in the Emirate.

 

Jassem Mohammed Bu Ataba Al Zaabi, Secretary General of SCFEA, said: "The award of the production concession to Urja Bharat Pte. Limited (UBPL) in the Al Ruwais area affirms our efforts to advance the emirate's hydrocarbon sector while ensuring the long-term economic prosperity of Abu Dhabi. By approving and enabling international partnerships, SCFEA reinforces Abu Dhabi's position as a global leader in the energy sector.”

 

Al Zaabi added: “This concession is part of our broader strategy to enhance the resilience and sustainability of our economy, ensuring that our resources continue to create value for future generations while supporting the UAE's vision for long-term economic growth and stability." -TradeArabia News Service