UAE and India sign forty years oil agreement

ABU DUBAI- The United Arab Emirates and the Republic of India signed on Saturday an agreement and four memorandum of understanding between the UAE and India as part of joint efforts to consolidate bilateral partnerships and cooperation and open up prospects for joint work.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the UAE, and Narendra Modi, the Prime Minister of the Republic of India, witnessed the signing ceremony at the Presidential Palace in Abu Dhabi.
The two leaders witnessed the signing of an historic agreement, awarding a consortium of Indian oil companies a 10% interest in Abu Dhabi’s offshore Lower Zakum concession.

The agreement, which has a term of forty years and an effective date of March 9, 2018, was signed by Dr Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and Shri Shashi Shanker, Chairman, ONGC Group of companies.
The consortium, led by India’s ONGC Videsh, contributed a participation fee of AED 2.2 billion ($600 million) to enter the concession. The concession will be operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of all concession partners.