Adnoc awards Wintershall 10% stake in gas project

ABU DHABI / WAM

The Abu Dhabi Government and the Abu Dhabi National Oil Company (Adnoc) have added Wintershall Holding GmbH to the Ghasha ultra-sour gas mega-project with a 10 percent stake. The Ghasha concession consists of the Hail, Ghasha, Dalma and other offshore sour gas fields, including Nasr, SARB and Mubarraz. Wintershall will contribute 10 percent of the project capital and operational development expenses.
Germany’s largest crude oil and natural gas producer — and a wholly owned subsidiary of BASF, the world’s largest chemicals company by sales — joins Italy’s Eni as partners with Adnoc in the project. Eni was awarded a 25 percent stake in the Ghasha concession earlier this month. The agreement marks the first time a German oil and gas company has been awarded a stake in an Abu Dhabi concession area and underscores Adnoc’s objective to expand and diversify its strategic partnership base.
The concession agreement, which has a term of 40 years, was signed by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO, and Mario Mehren, CEO of Wintershall.
The announcement builds on the momentum generated by the Supreme Petroleum Council’s (SPC) approval of Adnoc’s new integrated gas strategy, targeted to unlock and maximise value from Abu Dhabi’s substantial, available gas reserves, as the UAE moves towards gas self-sufficiency and aims to transition from a net importer of gas to a net gas exporter.
Dr Al Jaber said, “Development of the Ghasha concession area is a strategic priority for Adnoc. The gas, extracted from the concession area, at commercial rates, will make a significant contribution to fulfilling our commitment to ensuring a sustainable and economic gas supply and achieving our objective of gas self-sufficiency for the UAE.”