Sunday 25 February 2018
 
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ADNOC IN $600m DEAL

ONGC consortium to buy stake in UAE offshore concession

ABU DHABI, 14 days ago

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.

 




Tags: Adnoc | ONGC | Oil and Natural Gas Corporation |

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