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IOCL, BPCL arm announce oil discoveries in Abu Dhabi
Business Standard
|January 15, 2026
Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) on Wednesday announced oil discoveries in an onshore block in Abu Dhabi, strengthening their overseas upstream portfolio and India’s energy security efforts.
Urja Bharat Pte Ltd (UBPL), a 50:50 special purpose vehicle of IOC and BPCL’s exploration and production arm Bharat PetroResources Ltd (BPRL), made its first oil discovery in XN-76 exploration well in 2024, IOC said in a statement.
It has now made another oil discovery during drilling of exploratory well XN-79 02S in the block, it said.
UBPL was awarded the Onshore Block 1 exploration concession in March 2019.
The partners have invested nearly $166 million in the exploration phase, which has now been successfully completed.
The concession spans up to 6,162 square kilometres and grants UBPL 100 percent concession rights.
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