Urja Bharat Pte Limited, a consortium of Indian Oil Corporation Limited and its partner Bharat Petro Resources Limited (a subsidiary of Bharat Petroleum Corporation Limited), has won an oil block in Abu Dhabi in its first-ever competitive bid round. The consortium has been awarded 100 per cent stake in the Abu Dhabi Onshore Block 1 concession. The two firms are planning to invest $170 million in the oil block. The concession has been awarded by the Supreme Petroleum Council, on behalf of the Abu Dhabi government. Onshore Block 1 covers an area of 6,162 square km around the Ruwais field and includes already discovered but undeveloped fields.
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