India’s biggest explorer Oil and Natural Gas Corp (ONGC) is likely 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 per cent stake, valuing the deal at $600 million.
Click Here: Crystal Palace Shop
An official announcement is expected later on Saturday, the sources said.
reuters/representational image