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.