Group led by India's ONGC to buy stake in UAE’s ADNOC oil concession: sources:
"A consortium led by India’s Oil and Natural Gas Corp (ONGC) will sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession, sources familiar with the matter said.
The group headed by ONGC (ONGC.NS) will be the first party to secure a stake in the offshore concession.
Other members of the consortium are Indian Oil Corp and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp (BPCL.NS), one source said.Sources told Reuters that the ONGC-led consortium would get up to a 10-percent stake in one of the areas of the concession."
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