BPCL’S SUBSIDIARY BPRL WINS FIRST-EVER FULL PRODUCTION CONCESSION IN ABU DHABI
The production concession awarded after the successful completion of the exploration phase which yielded positive results
New Delhi : Bharat PetroResources Limited (BPRL), a 100% subsidiary of Bharat Petroleum Corporation Limited (BPCL) and its Exploration and Production arm along with Indian Oil Corporation Limited (IOCL) acting jointly through a 50:50 Special Purpose Vehicle viz,. Urja Bharat Pte Limited (UBPL) have been awarded a production Concession by The Supreme Council for Financial and Economic Affairs (SCFEA), Abu Dhabi.
This follows the award of the exploration and production concession to UBPL in March 2019, and the successful completion of the exploration phase, during which the company invested nearly USD 164 million. The concession agreement covers a total area of up to 6,162 square kilometers, offering UBPL 100% concession rights. Initial exploration efforts have yielded positive results in Onshore Block 1, specifically within the 38 square kilometer Ruwais area. The area includes conventional undeveloped oil and gas resources, and its development will contribute to Abu Dhabi’s efforts to expand its hydrocarbon sector while promoting sustainable economic growth in the emirate. This is the first full production concession award to an international company from the Abu Dhabi’s exploration blocks bid rounds.
The production concession agreement gives UBPL the equity oil rights and will supplement the efforts of the company towards energy security of India. The present transaction marks entry of BPRL as an Operator for development of a production concession in the highly prolific Abu Dhabi region and is consistent with its stated strategic objective of balancing its portfolio by adding production assets in prolific basins to its existing E&P portfolio.
The region is known for its conventional undeveloped oil and gas resources, and its development aligns with Abu Dhabi’s strategic goals of expanding its hydrocarbon sector and promoting sustainable economic growth.
About Bharat Petroleum Corporation Ltd. (BPCL):
Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the club of companies having greater operational & financial autonomy.
Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, fuel stations, aviation service stations and LPG distributors. Its distribution network comprises over 22,000+ Fuel Stations, over 6,250 LPG distributorships, 525 Lubes distributorships, 123 POL storage locations, 54 LPG Bottling Plants, 63 Aviation Service Stations, 5 Lube blending plants and 4 cross-country pipelines as on 31.08.2024.
Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 Fuel Stations over next 5 years.
With a focus on sustainable solutions, the company is developing an ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting several initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be an admired global energy company leveraging talent, innovation & technology.