Bharat PetroResources (BRPL), a 100% subsidiary of Bharat Petroleum Corporation and its exploration and production arm along with ONGC Videsh and Indian Oil Corporation has been awarded 10% stake in Lower Zakum Concession, Offshore Abu Dhabi.

The concession awarded by the Supreme Petroleum Council, on behalf of the Abu Dhabi Government to the Abu Dhabi National Oil Company and the Indian consortium, 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 Indian consortium would contribute a sign up bonus of USD 600 million to enter the concession for a 10% stake. BRPL through its subsidiary has 30% stake in the SPV of the Indian consortium that holds 10% stake in the Lower Zakum Concession.

The current production of this field is about 400,000 bopd and Indian Consortium annual share shall be about 2MMT. The field profile is set to achieve plateau target of 450,000 bopd by 2025. 

Shares of the company declined Rs 9.35, or 1.97%, to trade at Rs 465.50. The total volume of shares traded was 154,487 at the BSE (12.29 p.m., Monday).