OMV said it will sign a US$1.5 billion deal with ADNOC for the final interest in offshore fields the Abu Dhabi state oil company is offering to foreign investors.
OMV said it will sign a US$1.5 billion deal with ADNOC for the final interest in offshore fields the Abu Dhabi state oil company is offering to foreign investors.
The deal will see OMV acquire a 20 per cent interest in the concessions for the Satah Al Razboot, with satellite fields Bin Nasher and Al Bateel, along with Umm Lulu as well as the associated infrastructure.
The agreement is expected to be signed by the end of April, OMV said in a statement.
ADNOC in February signed a 40-year deal with CEPSA for the other 20 per cent interest in the same concession (Sarb and Umm Lulu), while retaining a 60 per cent interest and operatorship.
The other two offshore concessions Lower Zakum and Umm Shaif & Nasr were finalised last month with international oil companies Total, Eni, CNPC, Inpex and an ONGC-led consortium.
All the previous contracts were effective early March – the date when ADNOC’s previous 40-year concessions expired.
Source: Pipeline ME
