Bharat PetroResources Ltd updates on JV with Indian Oil Corporation Ltd

Bharat PetroResources Limited (BPRL), a 100% subsidiary of Bharat Petroleum Corporation Limited (BPCL) and its Exploration and Production arm along with Indian Oil Corporation Limited (IOCL) acting jointly through a 50:50 Special Purpose Vehicle viz,. Urja Bharat Pte Limited (UBPL) have been awarded a production Concession by The Supreme Council for Financial and Economic Affairs (SCFEA), Abu Dhabi on 11.09.2024. This follows the award of the exploration and production concession to UBPL in March 2019, and the successful completion of the exploration phase, during which the company invested nearly USD 164 million.

The concession agreement covers a total area of up to 6,162 square kilometers, granting UBPL 100% concession rights. Initial exploration efforts have yielded positive results in Onshore Block 1, specifically within the 38 square kilometer Ruwais area. The area includes conventional undeveloped oil and gas resources, and its development will contribute to Abu Dhabi's efforts to expand its hydrocarbon sector while promoting sustainable economic growth in the emirate. This is the first full production concession award to an international company from the Abu Dhabi's exploration blocks bid rounds.

The production concession agreement gives UBPL the equity oil rights and will supplement the efforts of the company towards energy security of India. The present transaction marks entry of BPRL as an Operator for development of a production concession in the highly prolific Abu Dhabi region and is consistent with its stated strategic objective of balancing its portfolio by adding production assets in prolific basins to its existing E&P portfolio.

Shares of Bharat Petroleum Corporation Limited was last trading in BSE at Rs. 340.30 as compared to the previous close of Rs. 345.75. The total number of shares traded during the day was 423192 in over 6308 trades.

The stock hit an intraday high of Rs. 352.95 and intraday low of 338.65. The net turnover during the day was Rs. 145479800.00.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 169.75 as compared to the previous close of Rs. 175.55. The total number of shares traded during the day was 1540092 in over 19558 trades.

The stock hit an intraday high of Rs. 177.80 and intraday low of 169.10. The net turnover during the day was Rs. 265623543.00.

Source : Equity Bulls

Keywords

BharatPetroleumCorporation INE029A01011 BPCL BharatPetroResources IndianOilCorporation INE242A01010 IOCL SPV JV UrjaBharat ProductionConcession SCFEA AbuDhabi