Significant Oil Discoveries by IOC and BPCL Bolster India's Energy Security

Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd have announced significant oil discoveries in Abu Dhabi's onshore block. This marks a milestone in their overseas portfolio, with the exploration phase successfully completed. The discoveries are expected to boost India's energy security efforts.

Indian Oil Corporation Ltd (IOC) and Bharat Petroleum Corporation Ltd (BPCL) have made notable oil discoveries in Abu Dhabi, enhancing their overseas exploration portfolios and contributing to India's energy security. The announcement was made on Wednesday, following successful operations in an onshore block awarded in 2019.

The discoveries, achieved by Urja Bharat Pte Ltd (UBPL)—a joint venture involving IOC and BPCL's exploration arm Bharat PetroResources Ltd—include the unconventional Shilaif and Habshan formations. Significant investments worth around USD 166 million led to the first discovery in early 2024, with appraisal activities affirming potential economic deliverability.

The oil finds represent a strategic gain in the unconventional energy sector and mark a new chapter for UBPL as international operators. The companies are optimistic that these developments will further secure India's long-term energy needs, while exploring additional prospects within the concession area.

(With inputs from agencies.)