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ONGC to Acquire Stake in UAE's ADNOC Oil Offshore Concession, Say Sources

Image for representation only, (File photo/Reuters)

Image for representation only, (File photo/Reuters)

Sources said ONGC would get up to a 10-percent stake, valuing the deal at $600 million.

Abu Dhabi/Dubai: India's biggest explorer Oil and Natural Gas Corp (ONGC) is due to sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession, three sources familiar with the matter said.

That would make ONGC the first firm to secure a stake in the new concession which expires in March.

Sources told Reuters that ONGC would get up to a 10-percent stake, valuing the deal at $600 million.

An official announcement is expected later on Saturday, the sources said.

ADNOC could not immediately be reached for comment.

State-owned ADNOC said in August it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.

first published:February 10, 2018, 13:40 IST