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Indian consortium by ONGC Videsh acquires 10% stake in UAE's offshore oilfield

New Delhi, Feb 21: An Indian consortium drove by ONGC Videsh, a completely possessed auxiliary and abroad arm of Oil and Natural Gas Corporation Limited (ONGC), BPRL and IOCL marked an agreement for securing of 10 percent participating interest in the ADNOC Group-owned seaward Lower Zakum Concession for a long time from 2018 to 2057.

The declaration comes in the wake of Prime Minister Narendra Modi's visit to the UAE. It is the first occasion when that Indian oil and gas companies have been given a stake in the improvement of Abu Dhabi's hydrocarbon assets.

With this memorandum of understanding, 60 percent of the participating interest will be held by ADNOC and the rest will be given to other global oil companies. Moreover, the arrangement includes a participation charge of AED 2.2 billion.

Prime Minister Shri Narendra Modi said, "the ADNOC offshore concession in favour of the Indian consortium has taken our bilateral engagement in the oil and gas sector to a new level, which befits the comprehensive strategic partnership between India and the UAE."

ADNOC Group's CEO, Dr Sultan Ahmed Al Jaber said, "this strategic partnership with ONGC and other members of the consortium would help India meet its growing demand for energy and refined products, and create opportunities for ADNOC Group to increase its market share in a key growth market."

The agreement was signed by Shashi Shanker, Chairman, ONGC Group of companies and Dr Sultan Ahmed Al Jaber, Chief Executive Officer, ADNOC Group and member of Abu Dhabi's Supreme Petroleum Council, in the presence of Prime Minister Modi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces.

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