Wednesday, 27 March 2019

Indian Oil and Bharat Petroleum consortium wins ADNOC deal.


The Abu Dhabi National Oil Company (ADNOC) signed agreements awarding the exploration rights for Abu Dhabi Onshore Block 1 to a consortium of two Indian oil companies, Bharat Petroleum Corporation Limited and Indian Oil Corporation Limited. The award has been endorsed by Abu Dhabi’s Supreme Petroleum Council (SPC) and represents a further deepening of the fast-growing UAE-India energy relationship as well as the continued expansion of ADNOC’s strategic partnerships with those who can provide access to key growth markets for the company’s crude oil and products.

The consortium will hold a 100 percent stake in the exploration phase, investing up to AED 626 million (US 170 million), including a participation fee, to explore for and appraise oil and gas opportunities in the Block. Following successful exploration activities and appraisal of the existing discoveries, the Indian consortium will be granted the opportunity to develop and produce any discoveries. ADNOC has the option to hold a 60 percent stake in the production phase.

H.E. Dr. Al Jaber of ADNOC said: “This award highlights the important role of energy cooperation in strengthening the strategic relationship between the UAE and India. It also underlines ADNOC’s 2030 smart growth strategy and our targeted approach to engage with value-add partners who can contribute the right combination of market-access, capital and technology, as we reinforce our position as an essential energy provider to the world. 

“The consortium of Bharat Petroleum Corporation and Indian Oil Corporation, both of whom ADNOC already partners with offshore, was selected after a very competitive bid round. The open bidding process represents a major advance in how ADNOC is accelerating the exploration and development of Abu Dhabi’s substantial untapped hydrocarbon resources as we continue to maximize value, in line with the UAE leadership’s directives.”

The exploration phase will see the Indian consortium leverage, and contribute financially and technically to, ADNOC’s mega seismic survey, announced last year. The survey is deploying industry-leading technologies to capture high-resolution 3D images of the complex geology up to 25,000 feet below the surface and will be used to identify potential hydrocarbon reservoirs.

The award of Onshore Block 1 concludes Abu Dhabi’s first-ever competitive block bid round, which saw very competitive proposals submitted for the geographical areas initially offered in April 2018. ADNOC has awarded Offshore Blocks 1 and 2 to a consortium comprised of Eni and PTT Exploration and Production Public Company Limited; Onshore Block 3 to Occidental Petroleum; and Onshore Block 4 to INPEX CORPORATION.

Indian Oil Corporation, India’s largest commercial enterprise, caters to nearly half of India’s petroleum consumption with 11 of India’s 23 refineries and a 13,000-km pipelines network. Bharat Petroleum Corporation also has a number of major refineries in India. Both companies operate across the full hydrocarbon value chain.

- Press Release.

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