After failing to acquire Kashgan oilfiield in Kazakhstan, a window of opportunity has opened for ONGC Videsh in Abu Dhabi. The upcoming exploration round being floated by Abu Dhabi holds lot of promise for not only OVL but also other Indian companies in search for quality overseas assets in geographically proximate countries.
Indeed one cannot ignore China threat here too and in fact, there is every possibility that China may walk away with major concessions as CNPC of China and Abu Dhabi National Oil Company (ADNOC) have enjoyed cordial relationship since long time. However, India too enjoys cordial bilateral relationship with Abu Dhabi and an influential quarter in the Abu Dhabi state establishment favors India’s participation in the bid.
The Ministry of External Affairs (MEA) has advised the Indian state and private oil companies to explore this opportunity, as there are indications that Indian companies could be favored in the pre-qualification bid.
The Abu Dhabi government will evaluate companies on their technical ability and a final decision will be taken before January 2014 on foreign partnerships for onshore concessions.