Abu Dhabi
Indian companies are eyeing a stake in Abu Dhabi’s offshore concession that will expire next year, according to a top official from the Indian government.
Amar Nath, Joint secretary, ministry of petroleum and natural gas, government of India said in Abu Dhabi on Wednesday that a consortium of companies led by government owned ONGC Videsh has bid for offshore concession.
“Negotiations are going on currently. We submitted our bid and are waiting for the results,” said Nath speaking to Gulf News on the sidelines of Abu Dhabi International Petroleum Exhibition and Conference.
He expressed confidence on the capabilities of Indian companies to win the concession and take the relationship to a new level.
“It will strengthen our relationship. The UAE has been an important partner for us for a long time in the energy sector.”
As of December 2016, Indian oil and gas companies were present in 25 countries with an investments of nearly $32.9 billion, Nath said in a presentation at Adipec.
ONGC Videsh Limited acquired a 26 per cent equity in Vankorneft from Rosneft at a total cost of $2.2 billion, Oil Indian Limited-Bharat Petroleum-Indian oil corporation consortium acquired 23.9 per cent equity in Vankorneft at a total cost of $2.02 billion and OIL-IOC-BPRL consortium took over 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for $1.12 billion.
India, UAE relationships are on an upswing since the visit of Indian prime minister Narendra Modi to the UAE in 2015 and the subsequent visits of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces to India in 2016 and earlier this year.
Adnoc also signed an agreement with India to supply about six million barrels of oil for strategic crude oil storage at a facility in Mangalore.
