News On Projects
Products & Services
Projects Database
Tenders Database
E - Newsletter
EPXonline.com
Project Financing
Contracts & Awards
Energy
Electricity
Mining
Oil & Gas
Infrastructure
Airport
Port
Railway
Road
Freezone
Construction
Manufacturing
Cement
Engineering
Automobile
Plastic
Metal
Textile
Paper & Packaging
Leather
Sugar
Edible Oil
Electrical & Electro
Processing
Chemical
Drugs & Pharma
Fertiliser
I-C-T
Communication
IT
Telecom
Water
Pump Station
Water Treatment
Water Supply
Hospitality
Hotel
Restaurant
Resort
Entertainment
Sports
Multiplex
Theme Park
Food & Beverages
Hospital
Service
Social
Science
Irrigation
Government
Policy
Economic Indicators
Company News
Commerce
Miscellaneous
News Uploaded On : Monday, February 12, 2018 10:30:00 AM IND Back  |  Latest Projects  |  Latest Tenders
 
 E-mail this to a friend        Printable version       Story Viewed 277 Times
Modi's UAE visit: In a first, India buys 10% stake in Abu Dhabi oil fields.
Prime Minister Narendra Modi's second visit to the UAE has resulted in an Indian consortium gaining stake for the first time in Abu Dhabi's massive oil resources.

An MoU was signed here on Saturday between an Indian consortium comprising state-run explorer ONGC Videsh, Bharat PetroResources, Indian Oil and the Abu Dhabi National Oil Co (Adnoc) for acquisition of 10 per cent participating interest in its offshore Lower Zakum Concession.

Abu Dhabi is a constituent of the United Arab Emirates (UAE), which is a member of the Gulf Cooperation Council (GCC). The UAE is one of the largest suppliers of crude oil to India and is also the 10th largest investor.

The MoU is an important milestone in India's search for energy security, at a time when oil prices have started hardening again mainly due to output cuts put in place by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers deal with a supply glut that was pushing down prices till last year.

The consortium, led by India's ONGC Videsh, contributed a participation fee of Arab Emirates Dirham (AED) 2.2 billion ($600 million) to enter the concession.

The concession will be operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of all concession partners.

The agreement, which has a term of 40 years and an effective date of March 9, 2018, was signed here on Saturday by ONGC Chairman Shashi Shanker and ADNOC Group Chief Executive Sultan Ahmed Al Jaber.

According to a statement from ONGC's overseas arm, current production at the Lower Zakum field is about 400,000 barrels a day, while the plan is to increase the target to 450,000 barrels a day by 2025.

Adnoc's offshore fields currently produce about 1.4 million barrels a day, an Adnoc statement said.

Increased production from its offshore reservoirs is part of the state-run company's plans to raise its onshore and offshore output capacity to 3.5 million barrels a day by the end of 2018, it added.

The company also said it had received more than 10 bids from firms seeking to operate these offshore fields. This agreement will enable Adnoc to cater to a part of India's massive oil demand, over 80 per cent of which is met by imports.

On Saturday, Adnoc also signed an agreement with the Indian Strategic Petroleum Reserves Ltd to implement the strategic crude oil storage facility on India's western coast in Mangalore (Karnataka) for the storage of 5.86 million barrels of Adnoc crude in underground facilities.

BS

Post your comments:

Your name: *
E-Mail Id:
E-mail ID will not be published
Comment: *
Maximum 500 Characters
    
Related Stories
H&R Block to set up global tech centre at Technopark.
LatestOne.com opens fulfilment centre in AP.
Adobe to set up AI centre in Hyderabad.
Mahindra Group to invest Rs. 9 bn more into electric vehicle venture.
Sidda inaugurates Biodiversity Centre.
IFC to invest $75 mn in L&T Housing Finance for affordable housing by 2022.
Indian Oil Corp to invest Rs. 7 billion to expand refining capacity by 2030.
Reliance plans to invest Rs. 600 bn for digital industrial area in Mumbai.
CM to inaugurate tourism complex.
Rane claims credit for MoU being postponed.
RELATED PROJECTS & TENDERS
ADVERTISEMENT
MOST POPULAR STORIES NOW
For all enquiries please contact
Tel: 022 - 25961254, 25960909
Mobile: 9821464666/09751178830
Mail: marketing@newsonprojects.com

OUR OTHER PRODUCTS & SERVICES:    Projects Database   |   Project e-Newsletter   |   Tenders Database   |   Commissioned Power Plants   |   Company Index
About Us   |   Contact Us   |   Terms of Use   |   Advertise with Us   |   Privacy Policy   |   Disclaimer   |   Feedback