Abu Dhabi – Mubasher: A consortium led by India’s Oil and Natural Gas Corporation (ONGC) is set to sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession, an informed source told Reuters.
The consortium also includes Indian Oil Corp and Bharat Petro Resources, Bharat Petroleum Corporation’s unit, Reuters reported.
The ONGC-led consortium may acquire up to a 10% stake in one of the concession’s area, a source familiar with the matter stated, noting that the participation fees for the deal are valued at $600 million”, the international news agency, revealed.
“The existing ADMA-OPCO concession, in which ADNOC has a 60% stake, is due to expire in March. It produces around 700,000 barrels per day (bpd) of oil and is projected to have a capacity of about 1.0 million bpd by 2021,” Reuters concluded.
