Indian consortium gains long-term share of offshore Lower Zakum project
ONGC Videsh and Indian E&P companies BPRL and IOCL have signed an agreement with ADNOC to take a 10% share in the Lower Zakum concession offshore Abu Dhabi for 40 years until 2057.
This is the first-time Indian oil and gas companies have been admitted to development of Abu Dhabi’s hydrocarbon resources, ONGC said.
ADNOC will retain a 60% interest with the remaining 30% to be awarded to other international oil companies.
Lower Zakum is one of three separate offshore concession areas that were formerly part of the ADMA offshore concession.
ADNOC Group CEO Dr. Sultan Ahmed Al Jaber said the partnership with ONGC and other members of the consortium would help India meet its growing demand for energy and refined products, and create opportunities for ADNOC Group to increase its market share in a key growth market.