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

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) announced two oil discoveries in Abu Dhabi's Onshore Block 1 through their 50:50 joint venture, Urja Bharat Pte Ltd (UBPL). The first discovery in early 2024 was in the unconventional Shilaif formation after successful hydraulic fracturing. The second, recent discovery flowed crude oil from the Habshan reservoir, marking the first find there. The partners invested about $166 million in exploration, now complete, and will appraise the wells to assess commercial viability before development decisions. These discoveries enhance India's overseas upstream portfolio and energy security strategy.