Austrian oil and gas company OMV will pay $1.5bn to acquire stakes in Abu Dhabi’s offshore oil concession, operated by the offshore unit of the Abu Dhabi National Oil Company (Adnoc Offshore).

It was reported earlier that the two companies were in negotiations to potentially agree to a deal for the concession.

"OMV and Abu Dhabi National Oil Company agreed that OMV will acquire a 20 per cent 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 for a purchase price of $1.5bn", said OMV in a statement.

‘The signing of the transaction documents is expected by the end of April 2018,’ added OMV.

Abu Dhabi’s state investment vehicle Mubadala Investment Company owns around 25 per cent of OMV.

The Austrian company is also a partner with Mubadala in the petrochemical company Borealis, which co-owns Borouge that operates Adnoc’s Ruwais downstream complex in Abu Dhabi.

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 companies that will operate these blocks are: