Indian Oil Corporation Announces Oil Discoveries in Abu Dhabi's Onshore Block 1

Indian Oil Corporation Limited has announced significant oil discoveries in Abu Dhabi's Onshore Block 1 Exploration Concession, marking major milestones for the company's international operations. The discoveries were made through a joint venture with Bharat PetroResources Limited, demonstrating the success of India's energy companies in overseas exploration activities.

Joint Venture Structure and Concession Details

The oil discoveries were achieved through Urja Bharat Pte Limited (UBPL), a 50:50 Special Purpose Vehicle jointly operated by Indian Oil Corporation Limited and Bharat PetroResources Limited, which is a 100% subsidiary of Bharat Petroleum Corporation Limited. UBPL secured the Onshore Block 1 concession in early 2019 through Abu Dhabi's competitive 2019 Bid Round process.

Major Oil Discoveries in Two Wells

The joint venture achieved two significant oil discoveries in different geological formations within the concession area:

Discovery Details:	Well XN-76	Well XN-79 02S
Discovery Timeline:	Early 2024	Recent
Formation Type:	Unconventional Shilaif play	Habshan reservoir
Oil Type:	Light crude oil	Light crude oil
Significance:	First oil discovery in Shilaif play	First oil find in Habshan reservoir
Status:	Successful hydrofracking completed	Testing completed

Technical Achievements and Operations

The XN-76 exploratory well represents UBPL's first oil discovery in the unconventional Shilaif play. Following successful hydrofracking operations, the well demonstrated the ability to flow light crude oil at surface from the Shilaif formation. These successful testing results have established the presence of unconventional oil resources in Onshore Block 1, with the company expressing optimism about the well results.

The second discovery in exploratory well XN-79 02S achieved another milestone by flowing light crude oil from the Habshan reservoir. This discovery marks the first oil find in the Habshan reservoir within the concession area, opening new possibilities for resource development.

Future Development Plans

The company has outlined its forward-looking development strategy for the concession area. For the unconventional Shilaif play discovery, Indian Oil Corporation is focused on establishing the economic deliverability of wells during the upcoming appraisal phase. The Habshan reservoir discovery will be appraised and matured for potential development as the project advances.

Beyond these new discoveries, both companies are progressing towards development of the existing Ruwais field within the concession area. Additionally, UBPL continues exploring other potential hydrocarbon prospects throughout the Onshore Block 1 concession, indicating a comprehensive approach to maximizing the block's resource potential.

Strategic Significance for Indian Energy Companies

These positive developments represent significant achievements for both parent companies of UBPL as international operators. The successful oil discoveries demonstrate the technical capabilities and operational expertise of Indian energy companies in challenging international exploration environments, particularly in unconventional resource development and traditional reservoir exploration.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.28%	-3.76%	-3.56%	+4.77%	+29.39%	+134.53%

Indian Oil Corporation Limited has announced significant leadership changes with the promotion of 19 officials to Senior Management Personnel positions as Executive Directors. The Maharatna company disclosed these appointments to stock exchanges on January 10th, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Senior Management Appointments

The newly promoted Executive Directors will serve one level below the Board of Directors across various critical divisions of the oil and gas major. The appointments reflect the company's focus on strengthening leadership across key operational and strategic areas.

Sl. No.	Name	Designation
1	Shri Manas Ranjan Dwibedy	Executive Director (H,S&E), Corporate Office
2	Shri Prakash Abraham	Executive Director (Employee Relations), Corporate Office
3	Shri Sanjib Biswas	Director (MO-LPG), Grade 'I', OISD, Noida
4	Shri G R K Murthy	Executive Director (Projects), Refineries HQ
5	Shri R R Raje	Executive Director (HR), Refineries HQ
6	Shri Samarendra Nath Jha	Executive Director (CC & Branding), Corporate Office
7	Shri R. Ravichandran	Executive Director (Operations), Marketing Head Office
8	Shri Sarvesh Kumar	Executive Director (Hydrotreating & Technical Services), R&D Centre
9	Shri Nitin Bhatnagar	Executive Director & State Head, IndianOil AOD State Office
10	Shri B Navnith	Executive Director (Corporate Strategy), Corporate Office

Key Functional Areas Covered

The promotions encompass critical business functions including Health, Safety & Environment, Employee Relations, Projects, Human Resources, Corporate Strategy, and Operations. Several appointments focus on state-level leadership positions across key markets.

Sl. No.	Name	Designation
11	Shri A. K. Samantaray	Executive Director & State Head, Bihar State Office
12	Shri Rajiv Sreshta	Executive Director & State Head, Uttar Pradesh State Office II
13	Shri Sumit Basu	Executive Director (Polymer), BD CO
14	Shri Sanjay Bhandari	Executive Director & State Head, Uttar Pradesh State Office I
15	Shri Puneet Agarwal	Executive Director (Business Development), BD CO
16	Shri Saroj Kant Roy	Executive Director (PC-Aromatics & Chemicals), BD CO
17	Shri Nitin Kumar	Executive Director (Corporate Finance & Treasury), Corporate Office
18	Ms. Madhavi B. Patra	Executive Director (Internal Audit), Corporate Office
19	Shri Girish Ranjan	Executive Director (Dir Mktg Sectt), Marketing Head Office

Regulatory Compliance and Next Steps

The company has formally notified both the National Stock Exchange of India Limited and BSE Limited about these senior management changes. Company Secretary Kamal Kumar Gwalani signed the disclosure document, confirming that detailed profiles of the newly appointed executives and XBRL files will be provided in due course. These appointments demonstrate Indian Oil Corporation's commitment to strengthening its leadership structure across diverse business verticals and geographical regions.