IOC, BPCL arm JV finds oil in Abu Dhabi

NEW DELHI : Urja Bharat, a joint venture of Indian Oil Corporation (IOC) and Bharat PetroResources — the production arm of Bharat Petroleum Corporation (BPCL) — has made oil discoveries in an onshore block in Abu Dhabi. Petroleum and natural gas minister Hardeep Singh Puri said the discovery marks a new milestone in India’s quest for energy selfsufficiency.In a statement, IOC said Urja Bharat (UBPL) made its first oil discovery at the XN-76 exploration well in early 2024 and now made another while drilling the XN-79 02S exploratory well in the same block. UBPL was awarded the Onshore Block 1 exploration concession in March 2019. The concession spans up to 6,162 square kilometres, granting UBPL 100% concession rights. The partners invested nearly $166 million in the exploration phase.BPCL said the first oil discovery was made in the unconventional Shilaif play at the XN-76 exploratory well. “After successful hydro-fracking operations, the well flowed oil at the surface from the Shilaif formation. The testing results established the presence of unconventional oil resources in Onshore Block 1,” BPCL said.