Austria's OMV to own 20 per cent stakes in two oil fields in the UAE

OMV ADAustrian oil and gas company OMV has announced plans to acquire 20 per cent stakes in two offshore oil fields in Abu Dhabi, with a purchase price of US$1.5bn

Abu Dhabi National Oil Company (ADNOC) said that OMV will acquire interest in the concession for the offshore oil fields Satah Al Razboot (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure.

The signing of the transaction documents is expected by the end of April 2018.

Abu Dhabi-based Mubadala Investment Company holds around 25 per cent interest at OMV.

In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio, with presence in the North Sea, the Middle East and Africa and Russia. In 2017, daily production of OMV stood at approximately 348,000 boepd.

The move is in line with ADNOC’s strategic move to accelerate growth, increase revenue and improve integration across the upstream value chain, as part of its ongoing transformation initiatives in upstream business.

Recently, Eni has signed two concession agreements to acquire five per cent stake in the Lower Zakum offshore oil field and 10 per cent stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr in Abu Dhabi.

Apart from this, ADNOC has awarded France's Total a stake in two offshore concessions to boost gas production, aimed at meeting domestic energy demands and cutting gas imports.

ADNOC said that the Umm Shaif and Nasr concession has a crude production capacity of 460,000 bpd and that it plans to process 500 mmcfd of gas from Umm Shaif’s gas cap.

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