An ONGC Videsh led Indian Consortium has been awarded a 10% stake in the LowerÂ ZakumÂ Concession, offshore Abu Dhabi. The Concession award by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, to the Abu Dhabi National Oil Company (ADNOC) and the Indian Consortium, is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabiâs hydrocarbon resources. The Indian Consortium comprising of Indian Petroleum Sector Public Enterprises is led by ONGCâs international arm ONGC Videsh and includes Indian Oil Corp and the international arm of Bharat Petroleum Corp (BharatÂ PetroResources). The Indian Consortium will contribute a sign-up bonus of USD 600 million to enter the concession for a 10% stake. The Concession, which has a term of 40 years with an effective date of 9thÂ March 2018, was signed by Shri Shashi Shanker, Chairman, ONGC Group of companies and His ExcellencyÂ DrÂ Sultan Ahmed AlÂ Jaber, ADNOC Group Chief Executive Officer, and member of Abu Dhabiâs Supreme Petroleum Council in the presence ofÂ HonourableÂ Prime Minister of India Shri Narendra Modi and His Highness Sheikh Mohamed binÂ ZayedÂ AlÂ Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces. ADNOC is finalizing the potential partners for the remaining 30% of the available 40% stake in the LowerÂ ZakumÂ Concession earmarked for international oil and gas companies. The current production of this field is about 400,000Â bopdÂ and Indian Consortium annual share shall be about 2 MMT. The field profile is to set to achieve plateau target of 450,000Â bopdÂ by 2025. Commenting on the Concession award, Shri Shashi Shanker said:  'We are delighted to partner with ADNOC in this important offshore concession. We are hopeful that this historic agreement will lead to further opportunities for Indian oil and gas companies to participate in the UAEâs energy sector. The agreement reflects the vision of theÂ HonourableÂ Prime Minister of India towards strengthening hydrocarbon linkages with the UAE on a win-win basis.' H.E.Â DrÂ AlÂ JaberÂ said: 'Our strategic partnership with ONGC, and the other members of the Consortium, marks a new chapter in the strategic economic relationship between the UAE and India. This mutually beneficial partnership will create opportunities for ADNOC to increase its market share, in the fast-growing Indian market. By delivering high quality crude to Indiaâs expanding refining industry, it will help India meet its growing energy demand. 'This agreement supports ADNOCâs strategy toÂ maximiseÂ economic value and recovery from its offshore oil and gas resources. This is an attractive and strategic agreement for both parties that will deliver competitive returns and long term growth opportunities.' The present transaction marks the entry of ONGC Videsh in the highly prospective UAE region and is consistent with its stated strategic objective of adding high quality producing assets to its existing E&P portfolio. Original article link Source: ONGC Videsh 
ONGC Videsh led Indian Consortium has been awarded a 10% stake in the Lower Zakum Concession for US$600 MM. (Total 13,3%)