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OVL gets first equity oil from Abu Dhabi field

Press Trust of India  |  New Delhi 

today said it has received the first ever from Abu Dhabi's Lower Zakum oilfield, where it had recently bought stake.

A shipload of Das blend reached New Mangalore port, the company said in a statement.

The Das blend originates from the Lower Zakum (LZ) oilfield in Abu Dhabi, which currently produces approximately 400,000 barrels per day.

An Indian consortium led by OVL, the overseas arm Oil and (ONGC), acquired 10 per cent stake in

The consortium led by OVL includes (BPRL) and (IOC).

Other shareholders in the LZ concession are National Oil Co (60 per cent), CNPC and JODCO (10 per cent each) and TOTAL and ENI (5 per cent each).

"It was the first time that Indian companies have been given a stake in the development of Abu Dhabi's hydrocarbon resources and the agreements were signed in on February 10, 2018," the statement said.

The commencement date of the concession agreement was from March 9, 2018 and is for a period of 40 years.

"This first equity cargo of 6,90,000 barrels which was loaded onto the vessel on June 2, 2018, was sold by OVL for refining to and Petrochemicals Ltd (MRPL), an company in the downstream business which operates one of India's most modern and complex refineries," it said.

Das blend crude with 39.200 is best positioned among the OVL portfolio of equity crudes to flow to It is a grade of crude which is regularly bought by several Indian refiners. Also the shipping distance/voyage time to the is short and can be lifted in a wide range of parcel sizes.

OVL has 41 projects in 20 countries from to

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 08 2018. 21:15 IST