Current Affairs - Miscellaneous - Discussion

Oil and Natural Gas Corporation (ONGC)-led consortium of Indian state oil firms have acquired 10% stake in Abu Dhabi's offshore Lower Zakum Concession. The acquisition is part of deal inked between company executives and UAE officials in presence of visiting Prime Minister Narendra Modi and Abu Dhabi. The Lower Zakum Oil Field is located 84 km north-west of Abu Dhabi Islands. It was discovered in 1963 and is owned and developed by Abu Dhabi National Oil Company. The total proven reserves of it are around 17.2 billion barrels and production is centered on 425,000 barrels per day (67,600 m3/d).