India's biggest explorer Oil and Natural Gas Corp (ONGC) is due to sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)'s offshore oil concession, three sources familiar with the matter said.
That would make ONGC the first firm to secure a stake in the new concession which expires in March.
Sources told Reuters that ONGC would get up to a 10-percent stake, valuing the deal at USD 600 million.
An official announcement is expected later on Saturday, the sources said.
ADNOC could not immediately be reached for comment.
State-owned ADNOC said in August it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
