IOCL, BPCL joint venture discovers light crude oil in Abu Dhabi's Onshore Block 1; Hardeep Puri hails breakthrough

New Delhi [India], January 14 (ANI): In a boost for India's energy footprint, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Wednesday announced the discovery of light crude oil in Abu Dhabi's Onshore Block 1.
The discovery was made by Urja Bharat PTE Ltd (UBPL), a 50:50 joint venture between Indian energy giants Indian Oil Corporation Limited (IOCL) and Bharat PetroResources Ltd (BPCL).
In a post on X, Hardeep Puri said the breakthroughs reflect the dedication and technical excellence of Indian teams.
He said these also reinforce India's commitment to strengthening India's energy security through strategic international partnerships
"A new milestone in India's quest towards energy self-sufficiency under the dynamic leadership of PM Sh @narendramodi Ji. In a significant progress achieved by Urja Bharat PTE Ltd (UBPL), a 50:50 JV between India's energy Maharatna @IndianOilcl and Bharat PetroResources Ltd (BPCL) in Abu Dhabi's Onshore Block 1. The successful discovery of light crude oil in both the Shilaif play (XN-76) and the Habshan reservoir (XN-79 02S) marks an important milestone in IndianOil's expanding global upstream journey," Hardeep Puri said.
"These breakthroughs reflect the dedication and technical excellence of our teams and reinforce our commitment to strengthening India's energy security through strategic international partnerships. We look forward to advancing and unlocking further hydrocarbon potential in the concession," he added.
Speaking at a conference in Mumbai last year, Hardeep Puri said that India consumes about 5.6 million barrels of crude oil per day, up from 5 million barrels four and a half years ago. At the current growth rate, the country will soon reach 6 million barrels per day, he said.
The minister said that according to the International Energy Agency, India is expected to contribute nearly 30 per cent of the global rise in energy demand in the next two decades, an increase from the earlier estimate of 25 per cent.
The Minister stated that in 2024-25, India imported approximately 300 million metric tons of crude oil and petroleum products and exported approximately 65 million metric tons. The oil and gas sector alone accounts for nearly 28 per cent of India's total trade by volume, making it the largest single commodity handled by ports. He said that India currently meets about 88 per cent of its crude oil and 51 percent of its gas needs through imports. (ANI)