ADNOC and OMV sign LNG supply deal for winter season 2023/2024

Austria’s integrated oil and gas company OMV and the Abu Dhabi National Oil Company (ADNOC) have signed a memorandum of understanding (MoU) to explore a new partnership in deliveries for liquefied natural gas (LNG).

Courtesy of OMV

Under the MoU, OMV and ADNOC intend to explore a partnership in LNG supply to support Austria’s security of energy supply.

The aim is to arrange the purchase of one LNG cargo for the winter season of 2023/2024.

Alfred Stern, Chairman of the Executive Board and CEO of OMV Aktiengesellschaft, said: “We take an important step in further intensifying our strong partnership between OMV and ADNOC. At the same time, this agreement is another building block in our efforts to strengthen Austria’s energy supply by diversifying gas sources in our portfolio.”

OMV and ADNOC already work together across the value chain in many areas. In Exploration & Production OMV acquired a 20% interest in the offshore concession for the two SARB and Umm Lulu oil fields in April 2018, followed by the acquisition of a 5% stake in the Ghasha sour gas and condensate field concession with a term of 40 years in December 2018.

In 2019, In Refining & Marketing OMV acquired a 15% interest in ADNOC Global Trading and ADNOC Refining, which owns the world’s fourth-largest refinery.

In Chemicals & Materials OMV, through its subsidiary Borealis, is a shareholder in Borouge, which is operating one of the world’s largest integrated polyolefin complexes in Al Ruways.

Under the contract signed recently with energy company RWE, ADNOC will also provide LNG supplies to Germany.

Under the agreement, the first delivery of a cargo of LNG will be supplied to ‘Elbehafen LNG’ at Brunsbüttel, near Hamburg in Germany, in late December 2022.

Furthermore, RWE and ADNOC signed an MoU on multi-year LNG supplies under which cargoes will be delivered to Germany starting from 2023. LNG supplies from ADNOC can be delivered to Germany through either floating or land-based regasification terminals as these become operational.

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