Indian Oil Corporation (IOC) along with Bharat Petroleum Corporation’s (BPCL) 100% subsidiary - Bharat PetroResources (BPRL) and ONGC Videsh (OVL) acting jointly as the Indian consortium have been awarded 10% Stake in Lower Zakum Concession, Offshore Abu Dhabi. The concession awarded by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, to the Abu Dhabi National Oil Company (AI)NOC) 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 would contribute a Participation Fee of $600 million to enter the concession for a 10% stake. BPRL through its subsidiary has 30% stake in the SPV of the Indian consortium that holds 10% stake in the Lower Zakum Concession.
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.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1419.25 |
| Indian Oil Corp. | 141.70 |
| BPCL | 297.00 |
| HPCL | 378.05 |
| MRPL | 162.25 |
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