IOC Current Affairs - 2019

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IOC-BPRL acquires oil block in Abu Dhabi

The consortium of State-owned Indian Oil Corporation (IOC) and Bharat PetroResources Ltd (BPRL), Urja Bharat Pte Ltd has acquired an oil block in Abu Dhabi, where the two will invest USD 170 million.

About the Acquisition

  • Urja Bharat Pte Ltd has been awarded 100 per cent stake in the Abu Dhabi Onshore Block 1 Concession.
  • Both IOC and BPRL hold 50 per cent each in Urja Bharat Pte Ltd.
  • Urja Bharat Pte Ltd will make an investment of USD 170 million for the exploration activities and the concession is awarded for the period of four years effective from the date of March 24, 2019.
  • Onshore Block 1 covers an area of 6,162 square kilometres around Ruwais field and includes already discovered but undeveloped fields.
  • This Onshore Block 1 is located in the Al Dhafra region around Ruwais City and the refining complex, including the coastal region to the west. There are two existing undeveloped oil and gas fields in the area, named Ruwais and Mirfa, which will be appraised by the consortium.

The acquisition of the oil block by the consortium of State-owned Indian Oil Corporation (IOC) and Bharat PetroResources Ltd (BPRL), Urja Bharat Pte Ltd marks the entry of IOC as a joint operator in the highly prospective UAE region. The acquisition is consistent with its strategic objective of adding high-quality exploration and production (E&P) assets to its existing upstream portfolio.

Month: Categories: Business, Economy & Banking

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Cricket to be re-introduced in Asian Games

The Olympic Council of Asia (OCA) has decided to reintroduce Cricket in the 2022 Asian Games to be held at Hangzhou, China.

Cricket in Asian Games

  • Earlier Cricket had featured in 2010 and 2014 Asian Games but was dropped from the 2018 Asian Games.
  • In all probabilities mostly T20 version of cricket would be introduced in the Asian Games like it happened during the 2010 and 2014 edition in Guangzhou and Incheon respectively.
  • In 2014, Sri Lanka and Pakistan won the men’s and women’s gold and in 2010 Bangladesh and Pakistan claimed the top honours.
  • Indian Cricket Teams did not participate in both the editions.

In another major decision, the OCA has agreed to invite Oceania countries including Australia to compete at the 2022 Asian Games. Oceania athletes participation is limited to sports which qualify for the 2024 Olympics through Asia, including volleyball, beach volleyball, basketball, soccer and fencing.

Asian Games

Asian Games, also known as Asiad is a  multi-sport event held every four years among athletes from all over Asia.  Asian Games are organised by the Olympic Council of Asia (OCA) in association with the host nation. Asian Games are recognized by the International Olympic Committee (IOC) and are described as the second largest multi-sport event after the Olympic Games. The first Asian Games were held at  New Delhi, India in 1951.

Month: Categories: Sports

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