ONGC’s international arm - ONGC Videsh (OVL) led Indian consortium has been awarded 10% stake in Lower Zakum Concession, Offshore Abu Dhabi. The concession award by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, to the Abu Dhabi National Oil Company (ADNOC) and the Indian Consortium, is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi’s hydrocarbon resources.
The Indian consortium comprising of Indian Petroleum Sector Public Enterprises is led by OVL and includes Indian Oil Corporation (IOC) and the international arm of Bharat Petroleum Corporation (Bharat Petro Resources). The Indian Consortium would contribute a sign-up bonus of $600 million to enter the concession for a 10% stake.
The current production of this field is about 400,000 bopd and Indian consortium annual share shall be about 2 MMT. The field profile is to set to achieve plateau target of 450,000 bopd by 2025.
