Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
18 February, 2019 02:17 IST
Indian OMCs consortium picks up 10% stake in Zakum oilfield
Source: IRIS | 12 Feb, 2018, 12.42PM
Comments  |  Post Comment

Bharat PetroResources (BRPL), a 100% subsidiary of Bharat Petroleum Corporation and its exploration and production arm along with ONGC Videsh and Indian Oil Corporation has been awarded 10% stake in Lower Zakum Concession, Offshore Abu Dhabi.

The concession awarded by the Supreme Petroleum Council, on behalf of the Abu Dhabi Government to the Abu Dhabi National Oil Company and the Indian consortium, is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi's hydrocarbon resources.

The Indian consortium would contribute a sign up bonus of USD 600 million to enter the concession for a 10% stake. BRPL through its subsidiary has 30% stake in the SPV of the Indian consortium that holds 10% stake in the Lower Zakum Concession.

The current production of this field is about 400,000 bopd and Indian Consortium annual share shall be about 2MMT. The field profile is set to achieve plateau target of 450,000 bopd by 2025. 

Shares of the company declined Rs 9.35, or 1.97%, to trade at Rs 465.50. The total volume of shares traded was 154,487 at the BSE (12.29 p.m., Monday).



Bharat Petroleum Corporation Limited   (Q,N,C,F)*

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Lupin launches Clobazam oral suspension - 15-Feb-2019 16:37
Muthoot Finance to raise upto Rs 7.50 bn through NCDs - 14-Feb-2019 11:01
Zydus gets USFDA nod for Triamterene & Hydrochlorothiazide capsules - 13-Feb-2019 13:10
L&T Construction bags contract for construction of hospitals - 13-Feb-2019 11:56
Strides receives USFDA approval for Triamcinolone Acetonide cream - 13-Feb-2019 11:52
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer