Adnoc awards OMV 5% stake in Ghasha project

ABU DHABI / WAM

The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) have awarded Austria’s OMV a 5 percent stake in the Ghasha ultra-sour gas concession that comprises the Hail, Ghasha, Dalma, Nasr, Sarb and Mubarraz sour gas fields.
OMV, which joins Italy’s Eni and Germany’s Wintershall as Adnoc’s partners in the concession, will contribute 5 percent of the project capital and operational development expenses.
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 Dr Rainer Seele, Chairman of the Executive Board and CEO of OMV.
Dr Al Jaber said, “This long-term strategic agreement with OMV, as well as the other Ghasha concession agreements we have concluded recently, underscores Adnoc’s commitment to maximising value from Abu Dhabi’s substantial gas resources and to ensuring a sustainable and economic supply of gas, in line with the leadership’s directives.
“The combination of rising demand for gas, more advanced technology and our industry-leading experience in developing sour gas fields, makes it possible for us to commercially and holistically unlock value from our vast sour gas resources.”
The Ghasha concession awards follow Abu Dhabi’s Supreme Petroleum Council’s approval of Adnoc’s integrated gas strategy, which will see the development, in phases, of Abu Dhabi’s substantial 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. The project is expected to produce over 1.5 billion cubic feet of gas per day when it comes on stream around the middle of the next decade.
Once complete, the project will also produce over 120,000 barrels of oil and high-value condensates per day