OVL, partners buy stake in UAE oilfield

Abu Dhabi/New Delhi: ONGC Videsh Ltd and its partners have acquired a 10 per cent stake in a large offshore oilfield in Abu Dhabi for $600 million, the first time any Indian company has set foot in the oil-rich UAE. The contract for the oilfield in Lower Zakum Concession, as part of India’s efforts to ensure the country’s energy security, was signed in Abu Dhabi last evening in the presence of PM Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed alNahyan. OVL, IOC and BPCL arm paid a signing amount of $600 million.