India to Buy Stake in  UAE Oilfield
India to Buy Stake in  UAE Oilfield

India to Buy Stake in UAE Oilfield

India to Buy Stake in UAE Oilfield

Indian oil companies could acquire up to 20% of an oilfield belonging to the Abu Dhabi National Oil Company (ADNOC), Utpal Bora, chief managing director of Oil India Limited, said on Thursday. "One offer has come from ADNOC of UAE,” he said, without offering any details about the field in question. “They are offering some stake in a field. It is a producing oilfield. We are now doing some due diligence now whether it is worth investing or not,” Oil Price reported. BPCL, OVL, OIL and other Indian oil majors will be part of the consortium that will own the stake in the field, Bora added. OIL has a capital expenditures budget of just under $625 million for the 2017-18 fiscal year. The budget includes developmental drilling and exploratory drilling projects, as well as infrastructure development. Currently, most of OIL’s oil and gas blocks are outdated, producing a combined total of roughly 3.35 million tons of oil a year. The company holds stakes in two Russian fields and an American one.


Short URL : https://goo.gl/nJULmf
  1. https://goo.gl/Bd4vDG
  • https://goo.gl/Udaqqc
  • https://goo.gl/pnSbEU
  • https://goo.gl/o3nc5F
  • https://goo.gl/UZChGe

You can also read ...

BP: Electric Vehicles to Cut Oil Consumption
The emergence of self-driving electric cars and travel sharing...
OPEC Deal Closer to Market Rebalancing
The OPEC deal is closer than ever to meeting its market...
Brent, WTI Prices Slide Over Higher US Production
Oil prices fell on Wednesday, weighed down by a rebound in the...
The lion's share of petrochemical exports is bound for China, India and South Korea.
Boosting the country's petrochemical revenues entails...
SP Phases 17-18  Output Increases
Major overhaul operations in phases 17 and 18 of the giant...
NISOC in Close Cooperation With Domestic Academic Centers
National Iranian South Oil Company can implement complicated...
Special Devices for Gas Regulating Stations
Some 150 natural gas pressure regulating stations have been...

Add new comment

Read our comment policy before posting your viewpoints