Archive · 14 Jan 2026
IOC and BPCL Discover Oil in Abu Dhabi
Indian Oil Corporation (IOC) and Bharat PetroResources (BPRL) have found unconventional oil in Abu Dhabi.
They made this discovery through a joint venture called Urja Bharat Pte (UBPL).
The oil is light crude and is found in tight formations, which means it's a bit different from regular oil.
They got the rights to explore this area in 2019 and have been doing surveys and drilling since then.
This discovery is important for IOC and BPRL because it helps them get more oil from different places, which is good for India's energy needs.
The stock price of IOC is around ₹157–158, and the company is one of the most valuable energy firms in India.
The companies are also looking to develop the existing Ruwais field and explore other potential hydrocarbon prospects within the concession area.
Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL) announced an oil discovery in Abu Dhabi’s Onshore Block 1.
The discovery was made through their joint venture, Urja Bharat Pte (UBPL), which holds the exploration rights for the block.
Exploratory drilling and testing confirmed the presence of light crude oil in tight formations, marking the first unconventional oil discovery by the Indian consortium in the block.
The Abu Dhabi Onshore Block 1 concession was awarded to the joint venture in 2019, covering an area of up to 6,162 sq km.
IOC shares were trading around ₹157–158 on the NSE, with a market capitalization above ₹2.2 lakh crore, reflecting the company's strong position in India's energy sector.
- Who
- Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL)
- What
- Discovery of unconventional oil resources in Abu Dhabi’s Onshore Block 1
- When
- Discovery confirmed on Tuesday, January 13, 2026; exploration rights awarded in 2019
- Where
- Abu Dhabi’s Onshore Block 1
- Why
- To expand IOC’s and BPCL’s global upstream strategy and enhance India’s energy security
- Companies Involved
- Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL)
- Location
- Abu Dhabi’s Onshore Block 1
- Joint Venture
- Urja Bharat Pte (UBPL)
- Discovery Type
- Unconventional hydrocarbons (light crude oil in tight formations)
- Exploration Rights
- Awarded in 2019
- Investment
- $166 million
- Concession Area
- 6,162 sq km
- Stock Price
- ₹157–158 (intraday trade on NSE)
- Market Capitalization
- Above ₹2.2 lakh crore
