A consortium of two Indian oil companies, Bharat Petroleum Corporation Limited and Indian Oil Corporation Limited have been awarded the exploration rights for Abu Dhabi Onshore Block 1. The Abu Dhabi National Oil Company, (ADNOC), Monday signed agreements awarding the exploration rights.
The award has been endorsed by Abu Dhabi’s Supreme Petroleum Council. In an exclusive interaction with AIR Ambassador Navdeep Suri said that the bilateral partnership between India and UAE is growing in many dimensions.
The consortium will hold a 100% stake in the exploration phase, investing up to $170 million (AED 626 million), including a participation fee, to explore for and appraise oil and gas opportunities in the Block.
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