Austrian OMV next in line to enter ADNOC’s offshore oil fields

Austrian oil and gas firm OMV is next in line to sign an agreement with UAE’s ADNOC for interest in the Middle Eastern company’s offshore oil fields. 

Namely, OMV on Thursday revealed plans for the acquisition of a 20% interest in ADNOC’s two offshore oil fields in Abu Dhabi by the end of April 2018.

According to the Austrian company’s statement, OMV and ADNOC agreed that OMV will acquire a 20 percent 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 $1.5 billion.

The signing of the transaction documents is expected by the end of April, OMV said.

In a bid to broaden the partner base, expand technical expertise, and enable greater market access, ADNOC last year announced plans to split its ADMA-OPCO offshore concession into a mix made of the Lower Zakum field, Umm Shaif, Nasr, Umm Lulu and Satah Al Razboot (SARB) fields.

Since then, ADNOC has been in discussions with more than dozen potential partners representing a mix of existing concession holders and new participants.

Starting from February this year, ADNOC awarded 40-year term agreements to several international oil and gas operators, including India’s ONGC, Spain’s Cepsa, Japan’s Inpex, Italy’s Eni, France’s Total, and China’s PetroChina.

Offshore Energy Today Staff