According to the sources, 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.
It would make ONGC the first firm to secure a stake in the new concession. Sources further revealed that ONGC would get up to a 10% stake, valuing the deal at $600 million.
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. It would further create more opportunities for partnerships.