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February 15, 2018 - Contax Partners’ Energy Feed

Indian consortium buys 10% stake in ADNOC concession | Wood. secures new 5yr, multi-million dollar agreement with Aramco


Indian consortium buys 10% stake in ADNOC concession

Indian consortium buys 10% stakeAn Indian consortium led by Oil and Natural Gas Corp (ONGC) has been awarded a 10% stake in ADNOC's Lower Zakum offshore oil concession for a participation fee of AED 2.2bn (USD 600mn). Other consortium members are Indian Oil Corp (IOC) and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum. The concession will be for a term of 40 years (2018 to 2057) in which ADNOC will retain 60% of the stake while the remaining 30% will be awarded to other International Oil Companies.



Wood. secures new 5yr, multi-million dollar agreement with Aramco

Wood. secures multi-million dollar agreementWood. has won a 5year multi-million dollar contract to support Saudi Aramco with engineering and project management services in order to develop the Marjan Oil Field. The FEED, major increment and overall project management consultancy will be carried out from Wood’s Reading UK, Khobar, Saudi Arabia and India offices. This contract is part of Saudi Aramco’s Marjan Crude Increment Program - a mega-project designed to enhance the Kingdom's energy sustainability, diversify the economy, expand gas production, and localize domestic content.






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