Indian Oil finds oil resources in Abu Dhabi

Indian Oil revealed a crucial update on oil discoveries in Abu Dhabi, carried out in a joint venture with a subsidiary of Bharat Petroleum Corporation Limited (BPCL). The two Indian oil majors have completed the testing of the oil block, establishing the presence of unconventional oil resources in Onshore Block 1. The company is very positive with the well results and looking forward to further establish the economic deliverability of wells during the appraisal phase, Indian Oil Corp said in a regulatory filing on Wednesday.Indian Oil Corporation Limited, along with Bharat PetroResources Limited, a 100% subsidiary of BPCL, jointly operate the Onshore Block 1 Exploration Concession in Abu Dhabi through a 50:50 Special Purpose Vehicle - Urja Bharat Pte Limited (UBPL). UBPL was awarded the Onshore Block 1 concession in early 2019 through Abu Dhabi’s 2019 bid round. In early 2024, the JV made its first oil discovery in the Unconventional Shilaif play in XN-76 exploratory well. After successful hydrofracking operations, the well flowed light crude oil at the surface from the Shilaif formation, Indian Oil said.The companies have also witnessed the oil discovery during testing of the exploratory well XN79 02S in the Onshore Block 1. The new well flowed light crude oil, making it the first oil find in the Habshan reservoir in the concession area. IOCL and BPCL plan to appraise and mature this discovery for potential oil extraction."Such positive developments are very encouraging and certainly 8 significant achievement for both the parent companies of UBPL, as international operators," IOCL said.The two companies are also advancing towards the development of the existing Ruwais field and exploring other potential hydrocarbon prospects within the concession area.