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India's IOCL-BPCL JV Strikes Light Crude Oil in Abu Dhabi Onshore Block

A joint venture between Indian Oil Corporation and Bharat PetroResources has successfully discovered light crude oil in Abu Dhabi's Onshore Block 1. Union Petroleum Minister Hardeep Singh Puri hailed the find as a milestone in India's quest for energy self-sufficiency. The discovery was made in both the Shilaif play and the Habshan reservoir, marking a significant step in IndianOil's global upstream journey. This strategic international partnership is aimed at strengthening India's energy security as the country's demand continues to grow rapidly.

Key Points: Indian JV Discovers Light Crude Oil in Abu Dhabi's Onshore Block 1

  • Major oil find in Abu Dhabi
  • Joint venture between IOCL and BPCL
  • Boosts India's energy security
  • Light crude discovered in two reservoirs
  • Part of India's global upstream expansion
2 min read

IOCL, BPCL joint venture discovers light crude oil in Abu Dhabi's Onshore Block 1; Hardeep Puri hails breakthrough

Union Minister Hardeep Puri announces a major oil discovery in Abu Dhabi by an Indian IOCL-BPCL joint venture, boosting India's energy security.

"These breakthroughs reflect the dedication and technical excellence of our teams - Hardeep Singh Puri"

New Delhi, January 14

In a boost for India's energy footprint, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Wednesday announced the discovery of light crude oil in Abu Dhabi's Onshore Block 1.

The discovery was made by Urja Bharat PTE Ltd (UBPL), a 50:50 joint venture between Indian energy giants Indian Oil Corporation Limited (IOCL) and Bharat PetroResources Ltd (BPCL).

In a post on X, Hardeep Puri said the breakthroughs reflect the dedication and technical excellence of Indian teams.

He said these also reinforce India's commitment to strengthening India's energy security through strategic international partnerships

"A new milestone in India's quest towards energy self-sufficiency under the dynamic leadership of PM Sh @narendramodi Ji. In a significant progress achieved by Urja Bharat PTE Ltd (UBPL), a 50:50 JV between India's energy Maharatna @IndianOilcl and Bharat PetroResources Ltd (BPCL) in Abu Dhabi's Onshore Block 1. The successful discovery of light crude oil in both the Shilaif play (XN-76) and the Habshan reservoir (XN-79 02S) marks an important milestone in IndianOil's expanding global upstream journey," Hardeep Puri said.

"These breakthroughs reflect the dedication and technical excellence of our teams and reinforce our commitment to strengthening India's energy security through strategic international partnerships. We look forward to advancing and unlocking further hydrocarbon potential in the concession," he added.

Speaking at a conference in Mumbai last year, Hardeep Puri said that India consumes about 5.6 million barrels of crude oil per day, up from 5 million barrels four and a half years ago. At the current growth rate, the country will soon reach 6 million barrels per day, he said.

The minister said that according to the International Energy Agency, India is expected to contribute nearly 30 per cent of the global rise in energy demand in the next two decades, an increase from the earlier estimate of 25 per cent.

The Minister stated that in 2024-25, India imported approximately 300 million metric tons of crude oil and petroleum products and exported approximately 65 million metric tons. The oil and gas sector alone accounts for nearly 28 per cent of India's total trade by volume, making it the largest single commodity handled by ports. He said that India currently meets about 88 per cent of its crude oil and 51 percent of its gas needs through imports.

- ANI

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Reader Comments

S
Sarah B
While this is a positive development, we must remember we still import 88% of our crude. Strategic partnerships are good, but the real breakthrough will be when domestic production and alternatives like renewables significantly reduce that dependence.
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Vikram M
Good to see Indian engineering and exploration skills being recognized. Abu Dhabi is a tough market to crack. Hope the profits from this venture are reinvested into our own energy infrastructure and R&D.
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Priyanka N
The numbers are staggering - 30% of global demand growth from India! This discovery is a small but important piece of the puzzle. We need many more such deals to cushion against global price shocks.
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Rohit P
Hope this translates to more stable fuel prices for the common man eventually. The petrol pump bill is a major monthly expense for middle-class families like mine. Every bit of energy security helps!
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Michael C
Interesting development from a geopolitical perspective. Strengthening ties with the UAE while securing energy resources is smart diplomacy. A win-win for both nations.

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