58 Leaders from 40 Political Parties attended Meeting (See 'Corp Brief') Odisha's New Coastal Highway: A Gateway to Spiritual Journeys (See 'Corp Brief') IBC - Foreign subsidiary assets must remain separate from parent company's insolvency proceedings: NCLAT (See 'Legal Desk') Vaishnaw flags Off Ramnagar-Dehradun Express (See 'Corp Brief') Centre provides extended Relief Window for Select Solar Projects up to December (See 'Corp Brief') Arbitration and Conciliation - A supervisory court lacks power to modify an award or grant fresh substantive reliefs, rendering petitioner's prayer for active domain transfer legally unmaintainable: HC (See 'Legal Desk') Vivek Nishant Nath takes charge as Director (Commercial), NMDC (See 'Corp Brief') Aadhaar App crosses 40 Million Downloads, Driving Convenient Digital Identity Services (See 'Corp Brief') Arbitration - Scope of interference under Section 37 of the Act is highly circumscribed & does not permit re-appreciation of evidence or fresh factual determination on matters of accounting: HC (See 'Legal Desk') PM lays bricks for 150-bed state-of-the-art Critical Care Block at PGIMER (See 'Corp Brief') Govt to release Revised Index of Core Industries Series with Base Year 2022-23 (See 'Corp Brief') 4th Edition of IICA's National Conference on Responsible Business Conduct held in Delhi (See 'Corp Brief') Capital Market - AMC/ Fund houses cannot, on grounds of commercial expediency or investor benefit, unilaterally extend maturity of securities and delay redemption of scheme proceeds: SC (See 'Legal Desk') MSDE extends Special Intervention under PM-NAPS to Boost Apprenticeship (See 'Corp Brief') Centre for Trade and Investment Law launches guidebook to help Indian MSMEs expand into global markets (See 'Corp Brief') Misc - Metro depot is indispensable part of metro rail project and therefore squarely falls within public purpose: SC (See 'Legal Desk') Goyal leads High-Level Delegation to Finland to Strengthen Trade and Investment Ties (See 'Corp Brief') Over 75 Industries join ICAR CSR Conclave 2026 (See 'Corp Brief') Misc - Inclusion of royalty, DMF and NMET in sale value under Mineral Conservation and Development Rules, 2017, is valid measure for computation of average sale price and does not alter nature of royalty u/s 9 of MMDR Act: SC (See 'Legal Desk') Tech Innovation and disruption in Construction Industry (See 'CORP EINSICHT')

Print

India upbeat about gaining interest in Lower Zakum oil field of UAE

Published: Feb 13, 2018

By TIOLCORPLAWS News Service

NEW DELHI, FEB 13, 2018: Minister of Petroleum & Natural gas, Mr Dharmendra Pradhan shared at his media interaction about accomplishment of some historical milestones in the India-UAE oil and gas relations during the State Visit of PM Modi to the UAE during Feb 10-11, 2018.

The Concession Agreement awards 10% participating interest in Abu Dhabi's offshore Lower Zakum oil field to a consortium of Indian Public Sector companies which comprises ONGC Videsh, IOCL and BPRL. The Agreement, effective from March 9, 2018, was signed at the Royal Palace in Abu Dhabi on Feb 10, 2018 in the presence of PM Modi and Mr Sheikh Mohamed bin ZayedAl Nahyan, Crown Prince of Abu Dhabi.

The offshore concession in favour of the Indian consortium has taken both country's bilateral engagement in the oil and gas sector to a golden phase which is in sync with the comprehensive strategic partnership between two countries. India and the UAE have progressed from a buyer-seller relationship to an era of mutual investments in the oil and gas sector.This will be the first Indian upstream investment in a producing asset in the Gulf region and in the Middle East. The Agreement reflects the vision of PM towards strengthening hydrocarbon linkages with the UAE on a win-win basis. 

From a current production of 400,000 barrels per day, the production will peak at 450,000 barrels per day by 2025. Indian share of oil will be 10%, i.e. about 2.24 MMTPA at peak production. Average share for India will be 1.75 MMTPA for next 40 years. Total cumulative share of the Indian consortium will be 70 MMT over the next 40 years.

The Concession Agreement will directly boost India's energy security. Indian share of 900,000 barrels of DAS Crude for March, 2018 and 1.2 million barrels for April, 2018 has already been offered by ADNOC. Participation will provide a valuable platform to Indian upstream companies to work alongside the international majors and thus expose them to the latest state-of-the-art technology and management practices.

 

 

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.