First cargo of Das blend crude oil arrives in New Mangalore -Governance Now

First cargo of Das blend crude oil arrives in New Mangalore

It is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi’s hydrocarbon resources

GN Bureau | June 9, 2018

#oil and gas #hydrocarbon #Das blend crude oil #ONGC Videsh #Abu Dhabi #MRPL #PSU

ONGC Videsh Limited, a subsidiary of ONGC, has received the first equity cargo of Das blend crude oil in New Mangalore. The Das blend crude oil originates from the Lower Zakum oilfield in Abu Dhabi, which currently produces 4,00,000 barrels per day.

ONGC Videsh led Indian consortium acquired 10 percent participating interest in Lower Zakum Concession through its Dutch joint venture company - Falcon Oil & Gas BV. The Indian consortium led by ONGC Videsh include BPRL and IOCL. Other shareholders in the LZ concession are ADNOC (60%), CNPC and JODCO (10% each) and TOTAL and ENI (5% each).

It is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi’s hydrocarbon resources. The agreements were signed in Abu Dhabi on February 10, 2018 in the presence of prime minister Narendra Modi.

This first equity cargo of 6,90,000 bbls which was loaded onto the vessel MT Wafrah on June 2, 2018, was sold by ONGC Videsh for refining to MRPL, an ONGC group company in the downstream business. This sale to MRPL further demonstrates the commitment of the ONGC group in enhancing the energy security for the nation.

Das blend crude is best positioned among the ONGC Videsh portfolio of equity crudes to flow to India. It is a grade of crude which is regularly bought by several Indian refiners.

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