A consortium of Indian companies is preparing to bid on the renewal of Abu Dhabis onshore oil concession, according to a report by the India-based Telegraph newspaper.
The state-owned Oil & Natural Gas Corporation (ONGC) and Oil India Limited (OIL) are planning to collaborate with private energy firms such as Reliance and Essar to submit a bid, the newspaper said, citing industry sources.
The existing onshore joint venture, Abu Dhabi Company for Onshore Oil Operations (Adco), expires in January 2014, with companies planning to bid at the end of October for a place in the new concession.
The Indian consortium would face competition from existing shareholders such as the UKs BP, the US ExxonMobil, the UK/Dutch Shell Group and Frances Total, as well as national oil companies from China, Japan and South Korea, all of which are aiming to get a stake in Abu Dhabis largest crude asset.
Although India is a major buyer of Abu Dhabis oil, the country currently has no share in the UAEs crude production sector.