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Abu Dhabi’s Supreme Council for Financial and Economic Affairs awarded a production concession in Al Ruwais to Urja Bharat (UBPL), a special purpose joint venture vehicle comprising India’s Indian Oil Corporation and Bharat Petroleum Corporation, according to a statement (pdf).
Background: UBPL was awarded the exploration concession back in March 2019, and after wrapping up the exploration phase — where they poured nearly USD 164 mn into the project — they are now moving forward with production.
The search has been fruitful so far: Early exploration in Onshore Block 1, specifically within the 38 sqkm Ruwais region, which includes untapped reserves of conventional oil and gas, has shown promising potential.
The UAE and India have been ramping up energy collaborations: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed’s visit to India earlier this week led to some major energy agreements. Adnoc signed a 15-year agreement to supply 1 mn metric tonnes of LNG per year to IndianOil, primarily sourced from its Ruwais LNG project. Adnoc also extended its oil storage agreement with India’s Strategic Petroleum Reserve. In the nuclear energy arena, Emirates Nuclear Energy Corporation handed India’s Nuclear Power Corporation operation and maintenance rights for the Barakah nuclear power plant.
