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India in pact with UAE to spur energy security
Context:
- Prime Minister Narendra Modi’s recent trip to the UAE has resulted in two agreements being signed that will strengthen India’s energy security.
Agreements signed include:
- The signing of the Concession Agreement between an Indian consortium and Abu Dhabi National Oil Company for award of 10% stake in Lower Zakum Offshore oil field.
- An agreement between Indian Strategic Petroleum Reserves (ISPRL) and ADNOC to operationalise the filling up of a strategic petroleum reserve cavern in Mangalore.
- The Lower Zakum oil field is coming up for rebidding for 40% of its capacity, of which 10% had been awarded to India.
- The second agreement allowed ADNOC to invest in the strategic crude oil storage facility in Mangaluru.
