Nagaland Minister discusses roadmap for expanding lavender related Agri-entrepreneurship (See 'Corp Brief') MECON Achieves Miniratna Category-I Status with Net Worth Surpassing Rs 535 Crore (See 'Corp Brief') India achieves Major Milestone with Approval of Country's First Procedure for Helicopter Operations (See 'Corp Brief') CCI approves acquisition of equity of Royal Challengers by a consortium (See 'Corp Brief') Trade Marks - While Section 9(1)(a) bars registration of marks devoid of distinctive character, distinctiveness is to be assessed w.r.t the goods & not in abstract; composite marks must be evaluated as a whole: HC (See 'Legal Desk') CCI approves acquisition of shares in Krazybee Services and Finnovation Tech by Mars Equity Dragon Fund (See 'Corp Brief') CCI approves combination of 7 SPVs by Anantam Highways to Build India Infrastructure Fund (See 'Corp Brief') CCI okays combination of Nippon Life by DWS Group GmbH (See 'Corp Brief') CGST Delhi observes GST Pakhwada 2026 with stakeholder outreach (See 'Corp Brief') Arbitration and Conciliation - Writ court's intervention is unwarranted where arbitral award is reasoned, plausible and not perverse in any manner: HC (See 'Legal Desk') Railways approves Rs 499 Crore Mansi-Saharsa Doubling Project (See 'Corp Brief') Five New Sub-Regional Offices of ESIC to be set up across India (See 'Corp Brief') Govt extends full customs duty exemption on critical petrochemical products (See 'Corp Brief') Contempt of Court - Contempt jurisdiction cannot be invoked based on expansive or alternative interpretation of Court's orders - only clear, explicit & willful disobedience can be penalised: HC (See 'Legal Desk') CEA organizes All-India Electrical Safety awareness programme (See 'Corp Brief') Regional industries must become partners in Viksit Bharat journey: RM (See 'Corp Brief') Union Minister reviews MSME Schemes in Ladakh (See 'Corp Brief') Competition Act - Allegation pertaining to a service dispute between a user & a platform service provider w.r.t. subscription management, cancellation of service & compensation, does not come under ambit of Section 4 of the Act: CCI (See 'Legal Desk') MPEDA to organise Second National Seafood Skill Olympiad during Seafood Expo Bharat 2026 (See 'Corp Brief') India's Space and Biotechnology Sectors present new collaboration opportunities: MoS (See 'Corp Brief') IPR - After pronouncement of final judgment and decree under Order XX CPC, Court becomes functus officio and cannot grant liberty for post-decree impleadment of mirror/redirect/alphanumeric websites: HC (See 'Legal Desk') Office of Principal Scientific Adviser signs MoU with Data Security Council of India (See 'Corp Brief') Telangana strengthens Clean Cities Through Behaviour Change and Citizen Action (See 'Corp Brief') IPR - If essential and dominant feature of earlier mark is fully contained in later mark, and later mark is only pluralized form that conveys same meaning, later mark can be held deceptively similar: HC (See 'Legal Desk') JP Nadda To Release Guidelines For 'Anaemia Mukt Bharat Abhiyaan' Today (See 'Corp Brief') A&C - Restraint on alienation of assets cannot be imposed when such relief was neither specifically sought nor argued in Section 17 application: HC (See 'Legal Desk') Environment Minister inaugurates workshop on tiger reintroduction in Sariska (See 'Corp Brief') JP Nadda to unveil healthcare programme for children up to three years (See 'Corp Brief') A&C - Scope of scrutiny u/s 11 is confined to prima facie examination of existence of arbitration agreement & does not extend to adjudication of disputed questions of fact or law: HC (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.