OVL will take 40 per cent of the stake, that is, 4 per cent in the entire oilfield. The remaining 60 per cent would be equally split between IOC and BPRL (3 per cent apiece), officials said.
Besides paying a signature bonus of USD 600 million, the three partners would bear 10 per cent of the planned USD 32 billion capex on the field over a 40 year period.
They said the current production from the field is about 400,000 barrels of oil per day (20 million tonnes per annum) and Indian consortium's annual share shall be about 2 million tonnes.
The field is to achieve plateau target of 450,000 barrels of oil per day by 2025.
The concession has a term of 40 years with an effective date of March 9, 2018.
ADNOC holds 60 per cent interest in the field and is finalising the potential partners for the remaining 30 per cent.
OVL is India's largest international oil and gas company, having 39 projects in 18 countries, including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Namibia, Venezuela, Vietnam and New Zealand.
It currently produces about 277,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of about 704 million tonnes of oil equivalent as on April 1, 2017.
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