ABU DHABI (ALETIHAD)
The Supreme Council for Financial and Economic Affairs (SCFEA) announced the award of a production concession agreement to Urja Bharat Pte. Limited (UBPL), a Special Purpose Vehicle of two national oil companies of India i.e. Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited.
This follows the award of the exploration and concession to UBPL in March 2019, and the successful completion of the exploration phase, during which the company invested nearly $164 million.
The production concession agreement covers a total area of up to 6,162 square kilometres, granting UBPL 100 percent concession rights. Initial exploration efforts have yielded positive results in Onshore Block 1, specifically within the 38 square kilometre 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.
Secretary General of SCFEA, His Excellency Jassem Mohammed Bu Ataba Al Zaabi, said, "The award of the production concession to Urja Bharat Pte. Limited (UBPL) in the Al Ruwais area affirms our efforts to advance the emirate's hydrocarbon sector while ensuring the long-term economic prosperity of Abu Dhabi. By approving and enabling international partnerships, SCFEA reinforces Abu Dhabi's position as a global leader in the energy sector.”
Al Zaabi added, “This concession is part of our broader strategy to enhance the resilience and sustainability of our economy, ensuring that our resources continue to create value for future generations while supporting the UAE's vision for long-term economic growth and stability."
Since its inception, SCFEA has been dedicated to establishing the emirate’s policies related to financial, investment, economic, petroleum, and natural resources affairs.
The council oversees the implementation of these policies, ensuring they align with broader Emirate strategies, and monitors the performance of relevant entities within the oil and gas sector, including ADNOC.
SCFEA is steadfast in realising the objectives of Abu Dhabi’s vision to ensure a bright and sustainable future for generations to come.