India to Buy Stake in UAE Oilfield

India to Buy Stake in UAE Oilfield

Indian oil companies could acquire up to 20% of an oilfield belonging to the Abu Dhabi National Oil Company (ADNOC), Utpal Bora, chief managing director of Oil India Limited, said on Thursday. “One offer has come from ADNOC of UAE,” he said, without offering any details about the field in question. “They are offering some stake in a field. It is a producing oilfield. We are now doing some due diligence now whether it is worth investing or not,” Oil Price reported. BPCL, OVL, OIL and other Indian oil majors will be part of the consortium that will own the stake in the field, Bora added. OIL has a capital expenditures budget of just under $625 million for the 2017-18 fiscal year. The budget includes developmental drilling and exploratory drilling projects, as well as infrastructure development. Currently, most of OIL’s oil and gas blocks are outdated, producing a combined total of roughly 3.35 million tons of oil a year.  Read More…

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