IOC-BPCL Joint Venture Announces Two Oil Discoveries in Abu Dhabi Onshore Block

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL), through their 50:50 joint venture Urja Bharat Pte Ltd (UBPL), have announced two oil discoveries in Abu Dhabi's Onshore Block 1. The first discovery in early 2024 was in the unconventional Shilaif formation, followed by a second find in the Habshan reservoir. The partners have completed exploration after investing nearly $166 million and will now appraise the wells to assess their economic viability, advancing India's overseas upstream portfolio and energy security.