PM Modi 3 Nation Visit- ONGC Videsh, Partners Acquire 10% Stake in Abu Dhabi Oilfield

ONGC (Oil and Natural Gas Corporation) Videsh Ltd and its partners have acquired a 10% in a large offshore oilfield Abu Dhabi National Oil Co.’s (ADNOC) in Abu Dhabi for $600 million. It is the first time any Indian company has set foot in oil-rich Emirate.

The current production of this field is about 400,000 barrels of oil per day (20 million tonnes per annum) and Indian consortium’s annual share shall be about 2 million tonnes. The contract for the concession was signed in Abu Dhabi in presence of Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al-Nahyan and Prime Minister Narendra Modi.
Static/Current Takeaways Important for Syndicate Bank PO 2018 Exam-

  • ONGC Videsh Ltd (OVL) is the overseas arm of state-owned ONGC, Indian Oil Corp. (IOC) and a unit of Bharat Petroleum Corp. Ltd (BPCL).