The Abu Dhabi National Oil Company (Adnoc) is reportedly set to sign an agreement this monthwith Austrian oil and gas operator OMV  for one of the three oil blocks in its offshore concession area.

The deal could be for a portion of or the entire 20 per cent remaining stake in the Satah al-Razboot (Sarb) and Umm Lulu block, the only zone for which Adnoc is yet to complete awarding the operating licenses, according to a Bloomberg report.

The terms of the deal have reportedly been agreed upon by Adnoc Offshore, the Adnoc subsidiary operating the concession area, and OMV after months of negotiations.

With Adnoc owning the majority 60 per cent stake in the Lower Zakum, Umm Shaif & Nasr, and Sarb & Umm Lulu offshore oil blocks, 20 per cent of the stake earmarked for foreign investment in the third block has already been awarded to Spain’s Cepsa.

Cepsa is fully owned by Abu Dhabi’s investment firm Mubadala, which also holds 31.5 per cent shares of OMV.

OMV is part of a joint venture with Adnoc and German exploration and production (E&P) firm Wintershall that is appraising the Shuwaihat sour gas offshore and onshore field in Abu Dhabi.

OMV is also part of an E&P collaboration with Adnoc and US firm Occidental Petroleum (Oxy) that is looking to develop offshore sour gas reserves in the Hail and Ghasha fields in Gulf waters off Abu Dhabi’s coast.

The commercial status of the Adnoc Offshore concession as of today is: