'National Agriculture Conference - Rabi Abhiyan 2025' to begin in New Delhi today (See 'Corp Brief') A country cannot feel sense of pride if own people do not speak native language: HM (See 'Corp Brief') DFS organises PSB Manthan 2025 (See 'Corp Brief') PMLA - If additional proceeds of crime are unearthed by ED during further investigation, then it can inform CBI for taking further necessary action at their end: SAFEMA (See 'Legal Desk') IICA DG highlights ESG Integration and IBC 3.0 at Corp-Con 2025 (See 'Corp Brief') Prajapati Assumes Charge as Director of All India Institute of Ayurveda (See 'Corp Brief') SEBI - Fact that transactions in particular contract were reversed with same counterparty indicates prior meeting of minds with view to execute reversal trades at pre-determined price: SEBI (See 'Legal Desk') Govt goes for AI-based weather forecasting for agriculture (See 'Corp Brief') India partners with Iceland for sustainable Blue Growth (See 'Corp Brief') Ministry of Coal hosts Roadshow on Coal Gasification-Surface and Underground Technologies (See 'Corp Brief') Reddy inaugurates IBM's Regional Office in Ranchi (See 'Corp Brief') Insurance Surety Bonds for NHAI Contracts Crosses Rs. 10,000 Crore Landmark (See 'Corp Brief') 56th GST Council decisions to benefit both Coal Producers and Consumers (See 'Corp Brief') Railways begins loading of Fresh Apples for Delhi Market (See 'Corp Brief') SEBI - Purposes of disclosure is to bring about transparency in transactions and assist Regulator to effectively monitor transactions in market: SEBI (See 'Legal Desk') RM virtually flags-off Tri-service all-women circumnavigation sailing expedition (See 'Corp Brief') DFS Secy chairs meeting to discuss issues related to Infrastructure Sector (See 'Corp Brief') India sustains major gains in Malaria reduction, aims for elimination by 2030 (See 'Corp Brief') SEBI - Retrospective directions given without notice cannot be sustained: SAT (See 'Legal Desk') GST Reforms in Mining Sector to boost Housing and Small-scale Enterprises (See 'Corp Brief') 'Adi Sanskriti' - A Digital Learning Platform for Tribal Artforms launched (See 'Corp Brief') IPR - No cause of action arises merely from filing trademark application: HC (See 'Legal Desk') MoS chairs 14th Pension Adalat at Vigyan Bhawan (See 'Corp Brief') IBC - Liability of Guarantor and Principal Borrower does not always need to be same: NCLT (See 'Legal Desk') Giriraj Singh highlights transformative outcomes of Next-Gen GST Reforms (See 'Corp Brief') Coal India Limited and NSTFDC Sign MoU to Empower Tribal Students through Eklavya Model Residential Schools (See 'Corp Brief') Chouhan, Rekha Gupta formally inaugurate SARAS Livelihood Fair (See 'Corp Brief') NSTFDC & Coal India ink MoU to empower 30,000 Tribal Students with Digital Learning (See 'Corp Brief') Scope of Social Security to expand with SPREE-2025 and AMNESTY Scheme (See 'Corp Brief') IPR - Writ court can't substitute its subjective view with respect to aspects such as deceptive similarity, once Commercial Court has taken view in that regard, unless such view is found to be palpably erroneous: HC (See 'Legal Desk') CCI okays buy of Dana Incorporated's off-highway business by Allison Transmission (See 'Corp Brief') IEPFA hosts Conference on 'Unlocking Potential of Idle Financial Assets' (See 'Corp Brief') NCEL, APEDA sign MoU to boost cooperative-led agricultural exports (See 'Corp Brief') iDEX-DIO, EdCIL India ink MoU to develop dual-use tech under new ASPIRE program (See 'Corp Brief') IPR - Infringement can arise from any acts of making, using, offering for sale, selling, or importing patented product without consent, and marketers and sellers are equally liable: HC (See 'Legal Desk') Ministry of Minority Affairs concludes 5th Edition of Lok Samvardhan Parv in Kochi (See 'Corp Brief') GST reforms to empower Youth, Promote Fitness and Enhance Ease of Living (See 'Corp Brief') SARFAESI - If Legal representative of deceased guarantor has inherited property in question, then liability of deceased guarantor to repay debt shall fall upon representative who were party to DRT proceedings: HC (See 'Legal Desk') NTH offers Drone Certification at Industry's lowest Fee of Rs.4.2 Lakh (See 'Corp Brief') Scindia to lead Indian Delegation at Universal Postal Congress in Dubai (See 'Corp Brief') IPR - Defendant's continued use of 'IMS Young Achievers' after termination of its agreement with plaintiff amounted to trademark infringement & passing off: HC (See 'Legal Desk') DRDO organises conclave for capacity building of MSMEs (See 'Corp Brief') IPR - Suppression must be deliberate, material, and of high degree to warrant vacating ad-interim relief: HC (See 'Legal Desk') MoS pledges support for '#GarvSeSwadeshi', reaffirming govt's commitment to Atmanirbhar (See 'Corp Brief') IBC - Once there is no variance inter se between Defendants, then Sec 133 of Contract Act does not come into play and Plaintiff cannot seek discharge of its liability under unconditional bank guarantee issued in favour of beneficiary: HC (See 'Legal Desk') ICGEB New Delhi commemorated first anniversary of BioE3 Policy (See 'Corp Brief') A&C - Delay in filing and refiling appeals cannot be condoned due to lack of bona fide: HC (See 'Legal Desk') Board to Report what's Right what's Not (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.