Cia. Espanola de Petroleos SAU (Cepsa) has acquired a 20% interest in the Satah al Razboot (SARB) and Umm Lulu Concession offshore Abu Dhabi from Abu Dhabi National Oil Co.
Cepsa is a wholly owned subsidiary of state-owned Mubadalla Investment Co. of Abu Dhabi. It contributed a participation fee of $1.5 billion, which also accounts for previous ADNOC investments in the concession. Its agreement has a 40-year term.
ADNOC is operator.
The area includes Umm Lulu and SARB oil fields, which are under development, and two smaller fields, Bin Nasher and Al Bateel.
Umm Lulu production began in 2014 and is to peak at 105,000 b/d (OGJ Online, Oct. 20, 2014). SARB field is to produce about 100,000 b/d from two artificial islands (OGJ Online, Apr. 3, 2013).
The concession is one of three created from the holdings of the former Abu Dhabi Marine Operating Co. (ADMA-OPCO), which is now part of ADNOC Offshore.
Earlier this month, ADNOC farmed out a 10% interest in one of the other concessions, Lower Zakum, to a group led by ONGC Videsh Ltd. of India for $600 million (OGJ Online, Feb. 12, 2018).
The third concession is Umm Shaif and Nasr. ADNOC, which will retain 60% interests in the offshore concessions, said it is completing agreements with other potential partners for the remaining stakes to be farmed out.