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News // Companies

Austrian OMV joins Eni and Wintershall as partner in ADNOC’s mega project

20 December 2018 , 16:08Neftegaz.RU462

Abu Dhabi, December 20 - Neftegaz.RU. Sultan Ahmed Al Jaber, ADNOC CEO, and Rainer Seele, OMV CEO, signed a concession agreement awarding OMV with a 5% interest in the Ghasha concession comprising the Ghasha mega project.

 

According to its 5% stake, OMV will contribute to the past investments incurred by ADNOC in this concession. ADNOC’s other project partners are Eni and Wintershall, with a 25% stake and 10%, respectively, who have entered into the concession in November 2018.

 

Rainer Seele said: «We are confident that our technological expertise will contribute to value creation and profitable growth, for all partners involved. Today’s signature marks a long-term commitment and it is another important step in the successful implementation of our strategy 2025. With this agreement, we are expanding our already material position in the Middle East and are further shifting our upstream production towards gas.»

 

The concession is located offshore Abu Dhabi and consists of 3 major gas & condensate development projects Hail, Ghasha and Dalma as well as other offshore oil, gas & condensate fields including Nasr, SARB and Mubarraz. The long term concession agreement has a term of 40 years, starting from November 2018.

 

In 2016 OMV was awarded a 4 year seismic, drilling and engineering work program to explore and appraise oil & gas fields in the North-West Offshore Abu Dhabi area that includes the Ghasha and Hail blocks. OMV said that this cooperation gave it in-depth knowledge and confidence in the success of the high potential Ghasha mega project.

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