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OVL and partners acquire 10% stake in Lower Zakum Concession, Offshore Abu Dhabi Abu Dhabi

ONGC Videsh, wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC) and its partners BPRL & IOCL signed a pact for acquisition of 10% participating interest in the ADNOC Group owned offshore Lower Zakum Concession for 40 years from 2018 to 2057 in the presence of Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al-Nahyan.

This is the first time an Indian company setting foot in the oil-rich UAE, a momentous historic event.

The Concession was signed by Mr. Shashi Shanker, Chairman, ONGC Group of companies and His Excellency Dr Sultan Ahmed Al Jaber, CEO, ADNOC Group and Member of Abu Dhabi’s Supreme Petroleum Council.

The deal "will help India meet its growing demand for energy and refined products, create opportunities for ADNOC to increase its market share in a key growth market, and build a solid foundation as ADNOC explores potential international investments, particularly focused on downstream opportunities," Sultan al-Jaber said.

 ADNOC will have 60 per cent stake in the existing ADMA- OPCO concession, which produces around 700,000 barrels per day of oil and is projected to reach about 1 million barrels per day 2021.

Prime Minister Modi said, “The ADNOC offshore concession in favour of the Indian consortium has taken our bilateral engagement in the oil and gas sector to a new level which befits the comprehensive strategic partnership between India and UAE.”

Mr. Shashi Shanker, CMD, ONGC Group of Companies said, “This agreement with ADNOC Group will bring a plethora of opportunities in the times to come.”

Alongside the concession award, ADNOC and the Indian Strategic Petroleum Reserves Ltd (ISPRL) exchanged agreements, to implement the strategic crude oil storage facility in Mangalore. 

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, NamibiaVenezuela, Vietnam and New Zealand.

 

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