APEDA organises Sikkim Organic Conclave-cum-International Buyer Seller Meet in Gangtok (See 'Corp Brief') IPR - For purpose of passing-off claim, prior use of composite trademark is sufficient to establish prior use of its essential and source-identifying component: HC (See 'Legal Desk') 'Double Engine' Momentum Can Fast-Track Kerala's Progress: MoS (See 'Corp Brief') IPR - Where both parties are registered proprietors of identical trademark, action for infringement is barred u/s 28(3) of Trade Marks Act: HC (See 'Legal Desk') Sonowal inaugurates 3 Projects to bolster Inland Waterways on Brahmaputra (See 'Corp Brief') TRAI releases Paper on 'Review of Rating of Properties for Digital Connectivity Regulations' (See 'Corp Brief') India, Israel ink historic MoU in Fisheries and Aquaculture Sector (See 'Corp Brief') Food Processing to play Decisive Role in Realising Vision of Viksit Bharat: Paswan (See 'Corp Brief') MoRTH sensitizes Stakeholders on 'PM RAHAT' - Cashless Treatment of Road Accident Victims (See 'Corp Brief') Nadda to head reconstituted Hindi Advisory Committee in Chemicals Ministry (See 'Corp Brief') MoS urges scaling up bamboo utilisation (See 'Corp Brief') A&C - Liability to pay interest on a decretal amount ceases to run from date funds are made unconditionally available for withdrawal by Decree Holder: HC (See 'Legal Desk') Winners of 'Cyber Security Grand Challenge 2.0' bag total prize pool of Rs. 6.85 Cr (See 'Corp Brief') MSME Ministry upgrades National Small Industries Corporation to ‘Schedule A' CPSE (See 'Corp Brief') NMDC R&D Centre Partners with IIT Hyderabad for Advanced Mining Research (See 'Corp Brief') Gulmarg to become Global Hub for Winter Sports: Mandaviya (See 'Corp Brief') Misc - CA, who holds position of trust, is guilty of misconduct if he conspire to manipulate public issue by using ante-dated financial instruments to facilitate irregular share allotments for personal benefit: HC (See 'Legal Desk') PM GatiShakti Group evaluates key Infrastructure projects (See 'Corp Brief') IBC - Waiver of rights under contract such as debenture trust deed cannot be implied if agreement explicitly requires such waiver to be in writing: SC (See 'Legal Desk') IBC - Manner in which bank classifies loan as non-performing asset for accounting or provisioning purposes does not determine IBC, if debt was restructured and acknowledged in fresh agreements: SC (See 'Legal Desk') IBC - corporate restructuring under IBC must be prioritized over stalled and ineffective proceedings under Companies Act to protect public funds and larger economic interest: SC (See 'Legal Desk') IBC - NCLT can't Reject Sec 7 application citing corporate debtor's financial health, once twin requirements of debt & default are established: SC LB (See 'Legal Desk') Misc - civil suit cannot be rejected at threshold under Order VII Rule 11 of CPC merely because it contains ground of coercion, undue influence or misrepresentation: SC (See 'Legal Desk') NI Act - Sec 138 of Negotiable Instruments Act pertaining to cheque dishonor apply only when payment fails because of lack of funds: HC (See 'Legal Desk') SEBI - Principles of natural justice required disclosure of the names and basic details of the complainants, as the adjudication would entail civil consequences: SAT (See 'Legal Desk') India, Kenya hold Working Group Meeting on Agriculture through Virtual Mode (See 'Corp Brief') NIFTEM-K to organise Global Platform with Participation from 25 Countries (See 'Corp Brief') IBC - Moratorium u/s 14 of IBC is intended to preserve debtor's estate from creditor actions aimed at debt recovery, but does not interdict sovereign proceedings in rem for attachment or confiscation under Benami Act: SC (See 'Legal Desk') ESIC commences 75th Foundation Year Celebrations (See 'Corp Brief') Misc - Telecom operator is liable to pay reserve price fixed for November 2012, 2G spectrum auction from February 2, 2012, date on which its licence stood quashed: SC (See 'Legal Desk') Stakeholder Consultation held for inputs on proposed Advanced Manufacturing Systems Mission (See 'Corp Brief') IPR - Registration of Device Mark is to be considered as whole and while determining deceptive similarity with another Trade Mark: HC (See 'Legal Desk') Biotechnology will power next industrial revolution: MoS (See 'Corp Brief') IPR - Trademark could not be removed simply for non-use: HC (See 'Legal Desk') Union Minister inaugurates Special Handloom Expo (See 'Corp Brief') India, Brazil sign TKDL Access Agreement for protection of Patent (See 'Corp Brief') Memorandum of Cooperation signed between Digital Bharat Nidhi and AP (See 'Corp Brief') IPR - Registered mark is liable to be removed if not used for continuous period of five years & three months prior to filing of petition, unless special circumstances are shown: HC (See 'Legal Desk') Footwear Design and Development Institute celebrates 5th Convocation Ceremony (See 'Corp Brief') 96% houses under PMAY-U 2.0 allotted for women (See 'Corp Brief') SEBI - Adjudication proceedings are nullified where the noticee has ceased to exist on account of being struck off the RoC: SEBI (See 'Legal Desk') India-Brazil MoU signed to Deepen MSME Cooperation (See 'Corp Brief') IFSCA-IICA unveil Strategic Roadmap to institutionalize Corporate Governance Ecosystem at GIFT-IFSC (See 'Corp Brief') Grant support extended to 5 Innovators under CSR-backed Programme (See 'Corp Brief') Misc - Notice u/s 91 of CrPC cannot be issued to accused person to compel them to furnish information that is based on their personal knowledge: HC (See 'Legal Desk') MoS holds bilateral Talks with Rwanda ICT Minister (See 'Corp Brief') India, Brazil sign MoU to strengthen and secure steel supply chain (See 'Corp Brief') Misc - SICA - failure to repay dues or subsequent financial incapacity cannot constitute cheating in he absence of fraudulent intent at time of inducement: HC (See 'Legal Desk') Supreme Court Clears Path For Single Insolvency Proceedings Against Linked Group Companies (See CORP EINSICHT)

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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.

 

 

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