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Adnoc awards Austria's OMV 5% stake

The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) have awarded Austria's OMV a five per cent stake in the Ghasha ultra-sour gas concession that comprises the Hail, Ghasha, Dalma, Nasr, Sarb and Mubarraz sour gas fields.
OMV, which joins Italy's Eni and Germany's Wintershall as Adnoc's partners in the concession, will contribute five per cent of the project capital and operational development expenses. Eni was awarded a 25 per cent stake and Wintershall a 10 per cent stake in the Ghasha concession in November. The concession agreement, which has a term of 40 years, was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and Dr. Rainer Seele, chairman of the Executive Board and CEO of OMV.
"This long-term strategic agreement with OMV, as well as the other Ghasha concession agreements we have concluded recently, underscores Adnoc's commitment to maximising value from Abu Dhabi's substantial gas resources and to ensuring a sustainable and economic supply of gas, in line with the leadership's directives. The combination of rising demand for gas, more advanced technology and our industry-leading experience in developing sour gas fields, makes it possible for us to commercially and holistically unlock value from our vast sour gas resources," said Dr. Al Jaber.
"This agreement builds on, and extends, our strong partnership with OMV, who we collaborate with in key areas across the oil and gas value chain. They bring extensive experience in sour gas operations, in Austria and Pakistan, and, like Adnoc, have a proven record working with mature and complex reservoirs. It will help ensure our investment, in the Ghasha concession, will maximize long-term returns for the benefit of ourselves, our partners and the nation," he said.
The Ghasha concession awards follow Abu Dhabi's Supreme Petroleum Council's approval of Adnoc's integrated gas strategy, which will see the development, in phases, of Abu Dhabi's substantial gas reserves, as the UAE moves towards gas self-sufficiency and aims to transition from a net importer of gas to a net gas exporter. The project is expected to produce over 1.5 billion cubic feet of gas per day when it comes on stream around the middle of the next decade, enough to provide electricity to more than two million homes. Once complete, the project will also produce over 120,000 barrels of oil and high-value condensates per day.
- business@khaleejtimes.com