A group of state-owned Indian companies led by ONGC Videsh has bought a 10% interest in the Lower Zakum Concession offshore Abu Dhabi for $600 million. The deal, representing the first acquisition by Indian companies of a stake in the emirate’s hydrocarbon resources, emerged during a visit to Abu Dhabi by Indian Prime Minister Narendra Modi.
A group of state-owned Indian companies led by ONGC Videsh Ltd. has bought a 10% interest in the Lower Zakum Concession offshore Abu Dhabi for $600 million.
The deal, representing the first acquisition by Indian companies of a stake in the emirate’s hydrocarbon resources, emerged during a visit to Abu Dhabi by Indian Prime Minister Narendra Modi.
Abu Dhabi National Oil Co. operates and holds a 60% interest in the concession, carved out of the concession formerly held by Abu Dhabi Marine Operating Co. (ADMA-OPCO), now part of ADNOC Offshore.
