Indian Oil Corporation Ltd. (IOC) and Bharat Petroleum Corporation Ltd. (BPCL) said, that their joint venture, Urja Bharat Pte. Ltd. (UBPL), has recorded additional oil discoveries in Onshore Block 1 in Abu Dhabi. The finds strengthen the companies’ overseas upstream portfolio and support India’s long-term energy security.
The discoveries were made by Urja Bharat Pte. Ltd. (UBPL), a 50:50 joint venture of IOC and BPCL’s exploration arm, Bharat PetroResources Ltd. (BPRL). UBPL had made its first discovery in the XN-76 exploration well in early 2024. The latest find came from the XN-79 02S exploratory well, flowing crude oil from the Habshan reservoir, the first such discovery in this reservoir within the concession area.
UBPL was awarded the Onshore Block 1 exploration concession in March 2019, covering 6,162 square kilometres with 100% concession rights. The partners invested nearly $166 million during the exploration phase.
The first discovery in XN-76 was in the unconventional Shilaif formation, where hydro-fracturing operations allowed oil to flow at the surface. Appraisal activities are ongoing to confirm the economic viability of the wells.
IOC described the discoveries as a “significant milestone” and highlighted their importance for India’s long-term energy security. BPCL called the finds “very encouraging” and a notable achievement for its international operations. Both companies, through UBPL, are also progressing towards the development of the existing Ruwais field and exploring other hydrocarbon prospects in the block.
