Indian Oil and BPCL Announce Second Oil Discovery in Abu Dhabi Block

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) have announced a second oil discovery in Abu Dhabi's Onshore Block 1. The discoveries were made by Urja Bharat Pte Ltd (UBPL), a 50:50 joint venture between IOC and BPCL's exploration arm. This marks a significant step in strengthening India's overseas energy assets and long-term energy security. The exploration phase, which cost approximately $166 million, has been completed, and appraisal activities will now focus on confirming the economic viability of the wells.