Adnoc and OMV sign Dh5.5B offshore deal

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Austrian Chancellor Sebastian Kurz witness a signing ceremony. Dr Sultan Ahmed Al Jaber, UAE Minister of State, Chairman of Masdar and CEO of Adnoc Group and Dr Rainer Seele, CEO of OMV Group signing an agreement.

Abu Dhabi National Oil Company (Adnoc) said on Sunday it had signed a 40-year agreement with OMV, awarding the Austrian oil and gas group a 20 per cent stake in Abu Dhabi's SARB and Umm Lulu offshore oil concession.
OMV contributed a participation fee of Dh5.5 billion ($1.5 billion) to enter the concession, Adnoc said in a statement, adding that it would retain a majority 60 per cent stake in the offshore concession.
The signing ceremony was attended by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Austrian Chancellor Sebastian Kurz, who is on an official visit to the UAE.
OMV is working with Adnoc on a number of other projects, including appraisal of the Shuweihat sour gas field, Adnoc said.
"The expansion of the global economy and increasing demand for oil, refined products and petrochemicals, provide us with new opportunities to create value across our upstream and downstream business," Adnoc Chief Executive Dr Sultan bin Ahmad Sultan Al Jaber said in a statement.
Sunday's agreement completes the round of the offshore concession. "Collectively the offshore agreements, concluded since the start of the year, have contributed $7.92 billion in participation fees and secured markets for 40 per cent of the UAE's oil for the next 40 years," Adnoc said.
Adnoc has signed deals with India's Oil and Natural Gas Corp (ONGC), Japan's INPEX, Spain's Cepsa, Eni and China's CNPC for stakes in the offshore fields.
In August, Adnoc said it would split its ADMA-OPCO offshore concession into three areas - Lower Zakum, Umm Shaif and Nasr, and Sateh Al Razboot and Umm Lulu - with new terms to unlock greater value and increase opportunities for partnerships.
The existing concession produces around 700,000 barrels per day (bpd) of oil and is projected to have a capacity of about 1.0 million bpd by 2021.

 
The signing ceremony was attended by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Austrian Chancellor Sebastian Kurz.