Indian firms in ADNOC Offshore talks

Abu Dhabi

ABU DHABI, October 30, 2017 – Four Indian operators are in talks to take a stake in ADNOC Offshore (previously Adma-Opco) when the concession expires in 2018, Indian officials said Friday.

ONGC Videsh, Bharat Petroleum, Oil India and Indian Oil are negotiating jointly for a 10-12% stake.

ADNOC will divide the current concession into two or more parts and is in advanced talks with more than a dozen potential partners, the company announced in August 2017. ADNOC plans to retain a 60% stake in the new concessions, which will include a mix of the Lower Zakum, Umm Shaif, Nasr, Umm Lulu and Satah Al Razboot fields.

The current concession, which dates back to 1953 and produces 700,000 bopd, is set to expire in March 2018. Its shareholders are ADNOC (60%), BP (14.67%), Total (13.33%) and Jodco (12%).

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