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ONGC gets a play in Abu Dhabi oil market with 10% stake in $6-bn field

This concession deal will help India meet its growing demand for energy and refined product along with creating opportunities for ADNOC to increase its market share in India

Reuters  |  Abu Dhabi 

A consortium led by India's Oil and Natural Gas Corp (ONGC) has become the first group to win a stake in Abu Dhabi National Oil Co's (ADNOC) 40-year offshore oil concession, a deal set to help the UAE expand its foothold in Asia. State-run ADNOC signed an agreement on Saturday with the ONGC Videsh-led consortium giving the group a 10 percent stake in the new Lower Zakum offshore concession, with a participation fee of 2.2 billion dirhams ($600 million), ADNOC said in a statement, confirming a report by Reuters. ONGC Videsh is the foreign investment arm of ONGC. Other ...

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First Published: Sun, February 11 2018. 09:49 IST