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Indian Oil Corporation informs about company updates

25 Mar 2019 Evaluate

Pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, Indian Oil Corporation has informed that the company along with Bharat Petro Resources Limited (BPRL), a subsidiary of Bharat Petroleum Corporation Limited (BPCL) acting jointly as a consortium through Urja Bharat (the Indian Consortium) have been awarded 100% stake in the Abu Dhabi Onshore Block 1 Concession (the Concession). The Concession has been awarded by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, where participation of the Indian Consortium is through a Special Purpose Vehicle (SPV), Urja Bharat, which comprises of IndianOil: 50%, BPRL: 50%. The Indian Consortium will make an investment of $170 million for the exploration activities. This award is part of Abu Dhabis first-ever competitive block bid round.

The above information is a part of company’s filings submitted to BSE.

Peers
Company Name CMP
Reliance Industries 1186.10
Indian Oil Corpn. 130.70
Bharat PetroleumCorp 296.50
HPCL 343.10
MRPL 172.60
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