{"id":95771,"date":"2024-09-13T00:00:00","date_gmt":"2024-09-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabi-awards-production-concession-to-indian-jv-in-al-ruwais\/"},"modified":"2024-09-13T00:00:00","modified_gmt":"2024-09-13T00:00:00","slug":"abu-dhabi-awards-production-concession-to-indian-jv-in-al-ruwais","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/13\/abu-dhabi-awards-production-concession-to-indian-jv-in-al-ruwais\/","title":{"rendered":"Abu Dhabi awards production concession to Indian JV in Al Ruwais"},"content":{"rendered":"

Abu Dhabi\u2019s Supreme Council for Financial and Economic Affairs<\/strong> awarded a <\/strong>production concession in Al Ruwais to Urja Bharat (UBPL)<\/strong>, a special purpose joint venture vehicle comprising India's Indian Oil Corporation and Bharat Petroleum Corporation, according to a statement (pdf)<\/a>. <\/p>\n

Background: <\/strong>UBPL was awarded the exploration concession back in March 2019, and after wrapping up the exploration phase \u2014 where they poured nearly USD 164 mn into the project \u2014 they are now moving forward with production. <\/p>\n

The search has been fruitful so far:<\/strong> Early exploration in Onshore Block 1, specifically within the 38 sqkm Ruwais region, which includes untapped reserves of conventional oil and gas, has shown promising potential. <\/p>\n

The UAE and India have been ramping up energy collaborations: <\/strong>Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed\u2019s visit to India earlier this week<\/a> led to some major energy agreements. Adnoc signed a 15-year agreement to supply 1 mn metric tonnes of LNG per year to IndianOil<\/a>, primarily sourced from its Ruwais LNG project. Adnoc also extended its oil storage agreement with India\u2019s Strategic Petroleum Reserve. In the nuclear energy arena, Emirates Nuclear Energy Corporation handed<\/a> India\u2019s Nuclear Power Corporation operation and maintenance rights for the Barakah nuclear power plant. <\/p>\n","protected":false},"excerpt":{"rendered":"

The concession grants India\u2019s UBPL full rights to explore and produce within a 6.2k sq km area in Al Ruwais<\/p>\n","protected":false},"author":1,"featured_media":95772,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[1360,57,143,7,73,1052],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-abu-dhabi","tag-adnoc","tag-energy","tag-enterpriseam-uae","tag-india","tag-ruwais","wpautop","entry"],"acf":{"mongo_id":"cd0f45c7-0b2b-4bf6-ba35-d86c5a1c38f1","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/889.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi awards production concession to Indian JV in Al Ruwais","related_issue":[95764],"teaser":"The concession grants India\u2019s UBPL full rights to explore and produce within a 6.2k sq km area in Al Ruwais","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.6a693460-dfd8-4093-a3fc-3b275bfa30e3.mp3"},"yoast_head":"\nAbu Dhabi awards production concession to Indian JV in Al Ruwais - 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