China and India Chase Stakes in Abu Dhabi Offshore Oil Fields - Bloomberg

China and India Chase Stakes in Abu Dhabi Offshore Oil Fields - Bloomberg:

"China and India are each targeting a share of Abu Dhabi’s largest offshore oil fields as the Persian Gulf producer seeks partners to boost output and ensure exports of its oil to two of the world’s most promising markets. A stake in the offshore oil concession that’s set for renewal in March would mark a second big win of crude development rights in the emirate for China National Petroleum Corp. CNPC, which in February bought into Abu Dhabi’s largest cluster of onshore fields, agreed on Wednesday with Abu Dhabi National Oil Co. to study cooperation in areas including offshore energy and natural gas deposits, Adnoc said in a statement. India’s state-run Oil and Natural Gas Corp. too is bidding for stakes in the fields off Abu Dhabi’s coast, Amar Nath, an Indian government representative on the company’s board, said Wednesday at a conference in Abu Dhabi, the United Arab Emirates capital. The Indian company will bid through its wholly owned international arm ONGC Videsh Ltd., said Nath, who is also a joint secretary for exploration at the country’s oil ministry."



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