RUS | ENG | All
Укажите логин или email, которые вы использовали при регистрации.
Если вы не помните свой пароль - просто оставьте это поле пустым и вы получите новый, вместе со ссылкой на активацию.

Еще не зарегистированы?
Добро пожаловать!

2018-02-12 07:15:00

UAE - INDIA'S CONCESSION: $600 MLN

UAE - INDIA'S CONCESSION: $600 MLN

REUTERSA consortium led by India's Oil and Natural Gas Corp (ONGC) (ONGC.NS) has become the first group to win a stake in Abu Dhabi National Oil Co's (ADNOC) 40-year offshore oil concession, a deal set to help the UAE expand its foothold in Asia.

State-run ADNOC signed an agreement on Saturday with the ONGC Videsh-led consortium giving the group a 10 percent stake in the new Lower Zakum offshore concession, with a participation fee of 2.2 billion dirhams ($600 million), ADNOC said in a statement, confirming a report by Reuters. 

ONGC Videsh is the foreign investment arm of ONGC. Other members of the consortium are Indian Oil Corp (IOC.NS) and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp (BPCL.NS).

The contract signing in Abu Dhabi was attended by Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al-Nahyan and Indian Prime Minister Narendra Modi. It is the first time for Indian oil companies to take part in an Abu Dhabi oil and gas concession.

ADNOC, like other major oil producers, wants to tap rising demand growth and invest in India, the world's third-biggest consumer.

The concession deal "will help India meet its growing demand for energy and refined products, create opportunities for ADNOC to increase its market share in a key growth market, and build a solid foundation as ADNOC explores potential international investments, particularly focused on downstream opportunities", ADNOC's Chief Executive Sultan al-Jaber said in the statement.

In August, ADNOC said it would split its ADMA-OPCO offshore concession into three areas - Lower Zakum, Umm Shaif and Nasr, and Sateh Al Razboot and Umm Lulu - with new terms to unlock greater value and increase opportunities for partnerships.

The agreement has a term of 40 years and an effective date of March 9, ADNOC said. The existing ADMA-OPCO concession, in which ADNOC has a 60 percent stake that it will retain, produces around 700,000 barrels per day (bpd) of oil and is projected to have a capacity of about 1.0 million bpd by 2021. Existing shareholders in ADMA-OPCO are BP plc (BP.L) with 14.67 percent, Total SA (TOTF.PA) with 13.33 percent and Japan Oil Development Co with 12 percent.

ADNOC said it was still finalising opportunities, with potential partners, for the remaining 30 percent of the available 40 percent stake in the Lower Zakum offshore concession.

Last year, ADNOC signed a deal to store about 6 million barrels of oil at India's Mangalore storage site, taking up about half of its capacity.

-----

Earlier:

INDIA:

 

UAE:

 S-E.Asia
2018, February, 9, 10:50:00

INDIA NEED LNG

REUTERS - India’s push to more than double the share natural gas has in its energy mix to 15 percent by 2022 will require a huge increase in imports and the construction of more LNG terminals, a government official said on Wednesday.

 

  W.Asia
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. 

 

 

 S-E.Asia
2018, February, 7, 07:55:00

INTEGRATED INDIAN OIL

PLATTS - "The integrated entity will have the capacity to neutralize the impact of volatility in global crude oil prices," said oil minister Dharmendra Pradhan. "The integrated entity will have the advantage of having enhanced capacity to bear higher risks and take higher investment decisions."

 

  W.Asia
2017, November, 29, 09:45:00

ADNOC INVESTMENT $100 BLN

ADNOC - The SPC approved ADNOC’s plans for capital expenditure of over AED 400 billion, over the next five years, as it embarks on its Upstream and Downstream expansion and growth projects.

 

 

 S-E.Asia
2018, February, 2, 12:20:00

HEAVY ASIAN DEMAND

PLATTS - Asian demand for oil products will outweigh current and upcoming refinery capacity by 2025, Tushar Tarun Bansal, Director at McKinsey, told attendees at S&P Global Platts annual Middle Distillates Conference in Antwerp Thursday.

 

  W.Asia
2017, November, 17, 19:40:00

ADNOC OUTPUT UP

OGJ - ADNOC is increasing its total production capacity to 3.5 million b/d next year from about 3.1 million b/d at present.

 

 

 S-E.Asia
2018, January, 22, 08:00:00

ONGC BUYS FOR $5.78 BLN

REUTERS - India’s biggest explorer Oil and Natural Gas Corp (ONGC) has agreed to buy the government’s majority stake in state-refiner Hindustan Petroleum Corp for 369 billion rupees ($5.78 billion).

 

 

  W.Asia
2017, November, 17, 19:35:00

ADNOC & CNPC COLLABORATION

OGJ - Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) signed an agreement covering potential collaboration, including potential offshore opportunities and the sour gas development projects.

 

 S-E.Asia
2017, December, 27, 12:35:00

INDIA'S STRONG GROWTH

IMF - Since the 2011 Financial Sector Assessment Program (FSAP), India has recorded strong growth in both economic activity and financial assets, supported by important structural reforms and terms of trade gains.

 

 

  W.Asia
2017, July, 17, 13:45:00

UAE IS BETTER FOR IMF

The economy is weathering the post-2014 oil shock well. The key policy goal is to foster economic adjustment to the new oil market realities. To foster the adjustment, especially given downside risks, the momentum in fiscal reforms needs to be sustained and coordinated with structural reforms. 

 

 S-E.Asia
2017, December, 27, 12:30:00

INDIA'S LPG UP

REUTERS - Shipping data in Thomson Reuters Eikon shows LPG shipments to India will reach 2.4 million tonnes in December, pushing it ahead of top importer China, on 2.3 million tonnes, for the first time.

 

 

  W.Asia
2017, March, 10, 18:50:00

UAE CUTS OIL PRODUCTION 139,000 BPD

The United Arab Emirates (UAE) will comply fully with its OPEC commitment to reduce oil production by more than 139,000 barrels per day (bpd) in March and April, the Gulf OPEC member's energy minister Suhail said on Thursday.

 

 S-E.Asia
2017, November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

  W.Asia
2017, January, 13, 18:45:00

EMIRATES URGE TO CUT

Suhail Al Mazrouei said on Wednesday that Opec and non-Opec producers who have agreed to restrict their output over the next six months need to demonstrate that they are being implemented in order for their initiative to stabilise oil prices.

 

Tags: UAE, INDIA, OIL, ADNOC, ONGC