Indian oil firms in UAE contracts

India’s Larsen & Toubro has struck an Abu Dhabi EPC deal, the engineering giant announced on Monday, shortly after a consortium led by ONGC sealed an offshore concession deal with ADNOC worth about USD 600 million.

ONGC Videsh and partners Indian Oil Corporation and Bharat Petroleum will obtain a 10% interest in the Lower Zakum concession offshore the UAE, the Financial Times reported.

“I am happy to note that we have progressed from a buyer-seller relationship to an era of mutual investments in the oil and gas sector,” Indian Prime Minister Narendra Modi said at the signing ceremony, cited by the newspaper.

ADNOC will continue as the operator of the Lower Zakum concession, whose target rate is 450,000 bopd.

In its statement, meanwhile, Larsen & Toubro said its subsidiary L&T Hydrocarbon Engineering will install pipelines, gathering facilities and power supply lines at the Haliba fields for Al Dhafra Petroleum, an ADNOC JV, under a contract valued at USD 342 million.