India wins piece of Abu Dhabi oil with stake in $6 billion field

The Economic Times 
Mahmoud Habboush and Anthony DiPaola 
February 12, 2018 

India secured a share in Abu Dhabi's oil production for the first time after agreeing to pay $600 million for a tenth of one of the emirate's biggest offshore deposits. 

State-owned Oil and Natural Gas Corp. and other Indian companies agreed to a 40-year contract for rights to pump crude from the Lower Zakum field in partnership with Abu Dhabi National Oil Co., according to an Adnoc statement. Adnoc signed the deal during a visit of Indian Prime Minister Narendra Modi to the capital of the United Arab Emirates on Saturday. 

Abu Dhabi, which holds most of the U.A.E.'s oil reserves, is looking for new partners at its offshore fields as the production concession for some deposits expires next month. Partners in Abu Dhabi's fields generally receive an amount of crude oil commensurate with their stakes in return for tax and royalty payments and investment to boost output. 

The Indian companies will pay 2.2. billion dirhams ($600 million) to Abu Dhabi for their stake in the field, according to the statement, putting the overall value of the deposit at $6 billion. Adnoc, which retains 60 percent holdings in its fields, aims to award rights for another 30 percent of the Lower Zakum field as well as to two other offshore crude blocks. 


The Indian consortium is made up of ONGC's wholly owned subsidiary ONGC Videsh, the Indian Oil Corp., and Bharat PetroResources, which is a 100 percent subsidiary of Bharat Petroleum Corp. Ltd, according to the Adnoc statement. The concession will be operated by Adnoc Offshore, a subsidiary of Adnoc, on behalf of all concession partners, it said. 

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