Indian Oil Corporation Limited (IOCL), along with Bharat PetroResources Limited, announced oil discoveries in Onshore Block 1, Abu Dhabi, through their joint venture, Urja Bharat Pte Limited (UBPL). UBPL made its first oil discovery in the Unconventional Shilaif play in the XN-76 exploratory well. Further discoveries were made during the testing of the exploratory well XN-79 02S. These positive developments are encouraging for both parent companies.
New Oil Discoveries
Indian Oil Corporation Limited (IOCL) along with Bharat PetroResources Limited (a 100% subsidiary of Bharat Petroleum Corporation Limited), jointly operate the Onshore Block 1 Exploration Concession in Abu Dhabi through a 50:50 Special Purpose Vehicle viz., Urja Bharat Pte Limited (UBPL). UBPL was awarded the Onshore Block 1 concession in early 2019 through Abu Dhabi’s 2019 Bid Round.
Initial Discovery in Shilaif Play
In early 2024, UBPL 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 surface from the Shilaif formation. The successful testing results have established 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.
Further Discovery in Habshan Reservoir
UBPL has also witnessed the oil discovery during testing of the exploratory well XN-79 02S in the Onshore Block 1. The well flowed light crude oil, marking it the first oil find in the Habshan reservoir in the concession area. Going forward this discovery would be appraised and matured for potential development.
Advancing Development
Both companies through UBPL are advancing towards development of the existing Ruwais field and exploring other potential hydrocarbon prospects within the concession area.
Source: BSE
