Sources said ONGC would get up to a 10-percent stake, valuing the deal at $600 million.
A technician is pictured inside a desalter plant of ONGC on the outskirts of Ahmedabad. (File photo/Reuters)
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.
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The post ONGC to Acquire Stake in UAE’s ADNOC Oil Offshore Concession, Say Sources appeared first on Newspack by India Press Agency.
