Abu Dhabi has awarded production rights in the Ruwais area to a consortium of two Indian oil companies, Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOC). This partnership, secured through a strategic agreement with Abu Dhabi National Oil Company (ADNOC), marks a significant step in enhancing collaboration between the UAE and India in the energy sector. The awarded concession allows the Indian consortium to explore and produce oil in the lucrative Ruwais area, aligning with ADNOC’s strategy to attract international investment and expertise to boost its oil and gas output.
This agreement also underscores the growing energy ties between the two nations and supports India’s goal of securing reliable energy sources to meet its increasing demand. As part of the deal, the consortium will invest in developing the assets, leveraging advanced technology to maximize production efficiency. This collaboration is expected to strengthen bilateral economic ties, provide India with greater access to energy resources, and contribute to the global energy market’s stability. The move aligns with India’s broader strategy to diversify its energy imports and engage more deeply in the Middle East’s energy sector.
Source: gulfnews.com