Bharat Petroleum Subsidiary Discovers Oil in Abu Dhabi's Onshore Block 1, Investing USD 166 Million

Bharat Petroleum Corporation Ltd (BPCL) announced that its subsidiary, Bharat PetroResources Limited (BPRL), discovered oil in Onshore Block 1, Abu Dhabi, through a 50:50 Special Purpose Vehicle, Urja Bharat Pte Limited (UBPL). The discovery follows the award of the exploration concession in March 2019 and a successful exploration phase with a total investment of nearly USD 166 million. The concession agreement covers 6,162 square kilometers, granting UBPL 100% concession rights. The first oil discovery was made in the XN-76 well, confirming the presence of unconventional oil resources in the Shilaif formation. BPRL is optimistic about the well results and looking forward to establishing the economic deliverability of wells during the appraisal phase. Additionally, oil was discovered in the exploration well XN-79 02S in the Habshan reservoir. These discoveries will contribute to BPRL's efforts towards India's energy security.