India’s Oil and Natural Gas Corp to buy stake in ADNOC oil concession

Vastavam web: A consortium led by India’s Oil and Natural Gas Corp (ONGC) will sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession, sources familiar with the matter said.Other members of the consortium are Indian Oil Corp <IOC. NS> and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp (BPCL.NS), one source said.Sources told Reuters that the ONGC-led consortium would get up to a 10-percent stake in one of the areas of the concession.In August, state-owned ADNOC said it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.

The existing ADMA-OPCO concession, in which ADNOC has a 60 percent stake that it will retain, 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.