ONGC to acquire ADNOC stake
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.
-
Prince Harry And Meghan Unlikely To Meet Royals In Jordan -
Hero Fiennes Tiffin Shares Life-changing Advice He Received From Henry Cavill -
Savannah Guthrie's Fans Receive Disappointing News -
Prince William Steps Out For First Solo Outing After Andrew's Arrest -
Jake Paul Chooses Silence As Van Damme Once Again Challenges Him To Fight -
Google Disrupts Chinese-linked Hacking Groups Behind Global Cyber Attacks -
Four People Killed In Stabbing Rampage At Washington Home -
Meghan Pushes Prince Harry Into Territory That’s Dangerous To His Brand: ‘She Isn’t Hearing A Word Of It’ -
Christina Applegate Reflects On Lasting Impact Of Being Molested In Childhood -
Martin Short Makes Big Decision Following Tragic Death Of Daughter -
Antarctica’s Mysterious ‘gravity Hole’: What’s Behind The Evolution Of Earth’s Deep Interior? -
Hilary Duff Addresses Ashley Tisdale's 'toxic Mom Group' Claims And Matthew Koma's Firey Response -
Jack Hughes's Proximity To Trump Angers Tate McRae Fans -
Neve Campbell Opens Up About Her 'difficult Decision' To Not Sign 'Scream 6' -
Nobel-winning Scientist Resigns From Columbia University After Epstein Links Revealed -
Prince William Remarks At BAFTAs 'indicative' Of King Charles Physical, Mental Health Too