"IOCL and BPCL announce a significant oil discovery at their Abu Dhabi onshore site."

Indian Oil Corporation (IOCL) and a subsidiary of Bharat Petroleum Corporation (BPCL) recently announced an oil discovery in Onshore Block 1 in Abu Dhabi. The discovery was made on Tuesday.

The two state-run oil marketing companies jointly operate the Onshore Block 1 Exploration Concession through a 50:50 special purpose vehicle, Urja Bharat Pte Ltd (UBPL). IOCL and BPCL’s upstream arm, Bharat PetroResources Ltd (BRPL), were awarded the concession in early 2019 as part of Abu Dhabi’s 2019 bid round.