BackONGC to acquire stake in UAE’s ADNOC oil offshore concession: report
ONGC would get up to a 10% stake, valuing the deal at $600 million, people familiar with the matter said
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Abu Dhabi/Dubai: India’s biggest explorer Oil and Natural Gas Corp (ONGC) is due to sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession, three sources familiar with the matter said.
That would make ONGC the first firm to secure a stake in the new concession which expires in March.
Sources told Reuters that ONGC would get up to a 10% stake, valuing the deal at $600 million.
An official announcement is expected later on Saturday, the sources said.
ADNOC could not immediately be reached for comment.
State-owned ADNOC said in August it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships. Reuters
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