According to the Emirates News Agency, the consortium of Indian companies will get a 100% stake in the exploration phase, and will invest 626 million dirhams / 170 million dollars, including the participation fee, They will explore and evaluate oil and gas opportunities in Wildland No. 1.
The new agreement contributes to the consolidation of cooperative relations that are witnessing rapid growth between the UAE and India, as well as strengthening cooperation between ADNOC and the qualitative partners who contribute to facilitating the arrival of its production of crude oil. Petroleum derivatives to major growth markets.
After the successful exploration and evaluation of existing resources, the consortium of Indian companies will be given the opportunity to develop and produce any discoveries, while ADNOC has the option to retain a 60% stake in the production phase. < / p>
The agreements were signed by His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of State for the Chief Executive Officer of Abu Dhabi National Oil Company ADNOC and its group of companies, and Doriswami Rajkumar, President and Managing Director of Bhart Petroleum Corporation Ltd., and Sanjeev Singh, Chairman of the Indian Oil Corporation Limited.
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