India secured a share in Abu Dhabi's oil production for the first time after agreeing to pay $600 million for a tenth of one of the emirate's biggest offshore deposits.State-owned Oil and Natural Gas Corp . and other Indian companies agreed to a 40-year contract for rights to pump crude from the Lower Zakum field in partnership with Abu Dhabi National Oil Co., according to an Adnoc statement. 's oil reserves, is looking for new partners at its offshore fields as the production concession for some deposits expires next month. Adnoc last year signed deals with Chinese and Korean companies to partner in its main onshore fields for the first time. The agreement covers the storage of 5.86 million barrels of Adnoc crude oil in underground facilities, at the Karnataka facility.

Source: Economic Times February 11, 2018 03:33 UTC