A consortium comprising ONGC Videsh, Indian Oil Bharat Petroleum’s overseas arm Bharat PetroResources Ltd acquired a 10% stake in the ADNOC Group (Abu Dhabi National Oil Company) owned concession on 11 February. Mumbai: Bharat Petroleum Corp. Ltd (BPCL) plans to raise $200 million to fund the acquisition of a 3% share in the Lower Zakum Concession, Offshore Abu Dhabi, two people aware of the development said. This is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi’s hydrocarbon resources. Abu Dhabi National Oil Company (ADNOC) will also fill up India’s 1.5 million tonne strategic petroleum reserve in Mangalore, beginning May. India has built a strategic reserve capacity of 5.3 million tonnes at three locations—Vishakhapatnam (1.33 million tonne), Mangaluru (1.5 million tonne) and Padur (2.5 million tonne)—at a cost of Rs4,098 crore.

Source: Mint February 21, 2018 21:00 UTC