A combine of state-owned Bharat Petroleum Corp. and Indian Oil Corp. will invest as much as $170 million to explore and appraise conventional resources of onshore Block 1 in Abu Dhabi. Abu Dhabi National Oil Co. awarded exploration rights to the combine to close its first competitive bid round.
A combine of state-owned Bharat Petroleum Corp. Ltd. and Indian Oil Corp. Ltd. will invest as much as $170 million to explore and appraise conventional resources of onshore Block 1 in Abu Dhabi.
The BPCL-IOCL combine will hold a 100% interest during the exploration phase and may develop and produce any discoveries. ADNOC has the option to take 60% interest during the production phase. The agreement term is 35 years.
Block 1 covers the Ruwais Unconventional Gas Concession under which Total SA and ADNOC target tight-gas potential of the Upper Jurassic Diyab formation (OGJ Online, Nov. 12, 2018).
