Indian Oil Corporation Limited (IndianOil) along with Bharat PetroResources Limited (BPRL), a subsidiary of Bharat Petroleum Corporation Limited (BPCL) acting jointly as a consortium through Urja Bharat Pte Limited (the 'Indian Consortium') have been awarded 100% stake in the Abu Dhabi Onshore Block 1 Concession (the 'Concession').
The Concession has been awarded by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, where participation of the Indian Consortium is through a Special Purpose Vehicle (SPV), Urja Bharat Pte Limited, which comprises of IndianOil : 50%, BPRL: 50%. The Indian Consortium will make an investment of USD 170 million for the exploration activities. This award is part of Abu Dhabi's first-ever competitive block bid round.
The Concession award is for a term of 35 years with the effective date being 24th March, 2019, which was signed on 24th March 2019 between ADNOC and Indian Consortium.
Onshore Block 1 covers an area of 6,162 sq. km. around Ruwais field and includes already discovered but undeveloped fields. The present transaction marks entry of lndianOil as Joint Operator in the highly prospective UAE region and is consistent with its strategic objective of adding high quality E&P assets to Its existing upstream portfolio.
Shares of INDIAN OIL CORPORATION LTD. was last trading in BSE at Rs.156.7 as compared to the previous close of Rs. 158.6. The total number of shares traded during the day was 958554 in over 4009 trades.
The stock hit an intraday high of Rs. 161.1 and intraday low of 155. The net turnover during the day was Rs. 151002392.
Shares of BHARAT PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.379.65 as compared to the previous close of Rs. 389.05. The total number of shares traded during the day was 206996 in over 3516 trades.
The stock hit an intraday high of Rs. 394 and intraday low of 376.65. The net turnover during the day was Rs. 79252159.
IndianOil cautions that the forward-looking statements are based on reasonable assumptions and no assurance can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed.