ONGC consortium to buy stake in UAE offshore concession
OIL AND GAS NEWS
A consortium led by India's Oil and Natural Gas Corporation (ONGC) is set to sign an agreement with Abu Dhabi National Oil Company (Adnoc) for a strategic stake in its offshore oil concession, said a report, citing senior sources.
The group headed by ONGC will be the first party to secure a stake in the offshore concession.
The consortium members include Indian Oil Corporation and Bharat Petro Resources, an upstream arm of refiner Bharat Petroleum Corporation, reported Reuters citing a major source.
The ONGC-led consortium would get up to a 10-per cent stake in one of the areas of the concession in a deal worth $600 million, stated the report.
Wth this move, ONGC becomes the first firm to secure a stake in the new concession which expires in March, it stated.
State-owned Adnoc had announced last year in August that it would split its Adma-Opco offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships, it added.
