OFFSHORE CRUDE CONCESSIONS
Indian firms to buy stake in Abu Dhabi oil field
Abu Dhabi — Indian companies agreed to pay $600m for a stake in one of Abu Dhabi’s biggest offshore oil concessions, securing a share in the emirate’s crude production for the first time. State-owned Oil and Natural Gas Corporation (ONGC) and two other Indian companies will take a 10% share of the concession to pump crude from the Lower Zakum field under a 40-year contract in partnership with Abu Dhabi National Oil Company (Adnoc), an Adnoc statement read. Adnoc signed the deal during a visit of Indian Prime Minister Narendra Modi to the United Arab Emirates (UAE) capital on Saturday. Abu Dhabi is looking for new partners at its offshore fields in the Persian Gulf as the current production concession for some deposits expires in March. The Indian companies will pay 2.2-billion dirhams ($600m) to Abu Dhabi for their stake in the field, according to the statement. That puts the overall value of the concession at $6bn. Adnoc, which retains 60% holdings in its fields, aims to award righ...
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