Veep to inaugurate Conference on ‘Co-operative Federalism and Law Reforms' (See 'Corp Brief') A&C - Arbitrator has wide discretion u/s 31(7) of Arbitration Act to award pre-reference, pendente lite, and post-award interest at such rate as it deems reasonable: HC (See 'Legal Desk') Chouhan to launch 'Khet Bachao Abhiyan - Rabi 2026' today (See 'Corp Brief') IBC - Right to withdraw CIRP application u/s 12A is governed by provisions in force on date when complete Form FA is submitted to IRP: NCLT (See 'Legal Desk') CSIR-NIScPR successfully concludes Two-Week Skill Training Programme on Library Automation (See 'Corp Brief') India, Saudi Arabia discuss bilateral Electrical Interconnection Initiative (See 'Corp Brief') DRI seizes 13 kg foreign-origin gold worth around Rs. 19.41 crore (See 'Corp Brief') PMLA - Statutory twin conditions under Section 45 of the Act can override the fundamental constitutional safeguards of personal liberty under Article 21 of the Constitution: SC (See 'Legal Desk') Saturation Campaign of Financial Inclusion to cover 2.7 Lakh Gram Panchayats and ULBs (See 'Corp Brief') DRI seizes 7 kg amphetamine and 3kg cocaine (See 'Corp Brief') IBC - Mere reason that some facts may have already been into existence but continue to exist would not mean that the application u/s 9 becomes retrospective: HC (See 'Legal Desk') Uttarakhand becomes first State to export Trout to Nepal (See 'Corp Brief') BIS organises Interactive Sessions to promote AYUSH with Quality Standards (See 'Corp Brief') PMLA - In absence of money trail connecting attached properties with proceeds of crime, subject properties cannot be attached merely as properties of equivalent value: Tribunal (See 'Legal Desk') Clarification on Legislative Developments concerning Govt's stake in IDBI (See 'Corp Brief') SEBI - The fact that criminal proceedings were subsequently initiated against appellants does not confer sanction under Section 15T of the SEBI Act to reopen a penalty order which attained finality: SAT (See 'Legal Desk') Efforts underway to develop one lakh young leaders: Mandaviya (See 'Corp Brief') IITM hosts consultation on Climate Science into Services for India Forum (See 'Corp Brief') IPR - Continued use of mark after express acknowledgment of proprietor's rights and undertaking to cease such use is strong indicator of dishonest intention and constitutes infringement: HC (See 'Legal Desk') IBC - Successful Resolution Applicant is entitled to pursue dues of Corporate Debtor against its debtors in arbitration even after conclusion of CIRP: SC (See 'Legal Desk') IBC - Express forfeiture clause in e-auction notice binds bidder despite absence of express forfeiture stipulation in Schedule I of Liquidation Process Regulations, 2016: SC (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.