Union Minister calls for outcome-oriented implementation of PMDDKY (See 'Corp Brief') Companies Act - Subsisting judgment of a Court is required to be complied with by concerned Ministry/authorities & intention to file review petition per se does not constitute grounds for withholding compliance with existing judgment: HC (See 'Legal Desk') BRICS Theatre Festival 2026 commences at National School of Drama (See 'Corp Brief') Reddy launches commercialisation catalogue of technologies (See 'Corp Brief') PMLA - Allegations of contravention of the UAPA, by itself, cannot justify indefinite pre-trial detention in separate PMLA proceedings carrying maximum sentence of seven years: HC (See 'Legal Desk') MeitY Pavilion showcases India's digital innovation at India Mobile Congress 2026 (See 'Corp Brief') DRI seizes around 5.8 kg foreign-origin gold worth Rs. 9 crores (See 'Corp Brief') Keylong to house ICMR's first dedicated centre for high-altitude medicine (See 'Corp Brief') SARFAESI - Demand notice issued under Rule 7(1) of IBC Rules, 2019 does not, per se, commence insolvency proceedings against personal guarantors or trigger interim moratorium per Section 96 of IBC 2016: HC (See 'Legal Desk') Digital Health Resources crucial to Building India's Research Mindset: Health Secy (See 'Corp Brief') 53 Tele-MANAS Cells operational across all 36 States (See 'Corp Brief') CSR is not merely a statutory obligation but as strategic instrument for India's growth: Former Cab Secry (See 'Corp Brief') FEMA - Intimation to Customs does not, by itself, constitute proof of import of software, particularly where the software was claimed to have been received through a data communication channel: Tribunal (See 'Legal Desk') India's maritime future will be written by young people: Sonowal (See 'Corp Brief') IPR - If defendant adopts mark that is minor phonetic and visual manipulation of well-known registered trademark, coupled with identical colour scheme, get-up, and trade dress, strong prima facie case of trademark & copyright infringement is made out: HC (See 'Legal Desk') ICAR-IIAB organises Pre-Rabi Kisan Goshti for 1,500 Farmers (See 'Corp Brief') IBC - Per Section 9 of IBC, where operational debt meets statutory threshold & no pre-existing dispute exists, then application for initiation of CIRP is maintainable: NCLT (See 'Legal Desk') India targets 10% of Global 6G Patents and Standards: MoS (See 'Corp Brief') SEBI - Allegation of violations of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations is serious & cannot be sustained on mere general allegations, individual perceptions, or violations of investment advisory regulations alone: SAT (See 'Legal Desk') India highlights Energy Security at 20th EAS Energy Ministers' Meeting (See 'Corp Brief') IPR - Visual deceptive similarity, phonetic identity, likelihood of public confusion, brand dilution, and misrepresentation of association are sufficient to justify interim injunctive relief: HC (See 'Legal Desk') Special Khadi and Village Industries Exhibition inaugurated at Delhi Haat (See 'Corp Brief') SARFAESI Act, 2002 - Writ remedy under Article 226 cannot be used to bypass or circumvent this designated statutory remedy & specialized forum, which is uniquely equipped to assess the intricacies of such proceedings: HC (See 'Legal Desk') An unsuccessful 'success fee' litigation (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
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.