Abu Dhabi awards Austria’s OMV offshore concession

29 April 2018
Contract signing concludes appointments for latest Adnoc offshore concessions

Abu Dhabi National Oil Company (Adnoc) has awarded Austria’s OMV a 20 per cent stake in the SARB & Umm Lulu concession.

OMV, which is part-owned by Abu Dhabi state-owned investment vehicle Mubadala Investment company, contributed a participation fee of AED5.5bn ($1.5bn) to enter the concession. MEED reported earlier in April that OMV was in negotiations with OMV for the offshore stake.

The concession area contains two producing fields – Umm Lulu, which was part of the former Adma-Opco concession, and SARB. Spain’s Cepsa, which is wholly-owned by Mubadala, was previously awarded a 20 per cent stake in the SARB & Umm Lulu concession, with Adnoc retaining a 60 per cent stake.

The deal to sell the last 20 per cent stake to OMV concludes the award of licenses to foreign partners for stakes in Abu Dhabi’s latest offshore concession, which was segmented into three blocks. Adnoc will maintain a 60 per cent stake in all of the concessions.

The full list of blocks and operating companies is:

ConcessionAdnoc sharePartner shareTarget production
Lower Zakum60 per cent10 per cent – ONGC Videsh-led consortium (India)

10 per cent – Inpex Corporation (Japan)

5 per cent – Eni (Italy)

5 per cent – Total (France)

10 per cent –  CNPC (China)
450,000 b/dna
Umm Shaif & Nasr60 per cent10 per cent- Eni (Italy)

20 per cent – Total (France)

10 per cent – CNPC (China)
460,000 b/d500 million cf/d
Sarb & Umm Lulu60 per cent20 per cent  – Cepsa (Spain)20 per cent – OMV (Austria)215,000 b/dna
b/d=barrels a day; cf/d=cubic feet a day; na=not applicableSource: Adnoc

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