India in pact with UAE to spur energy security |ForumIAS

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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.