Lukoil enters UAE with 5% Ghasha interest

Oct. 15, 2019
Lukoil has entered the United Arab Emirates by signing an agreement with Abu Dhabi National Oil Co. to acquire a 5% interest in the Ghasha Concession offshore Abu Dhabi.

Lukoil has entered the United Arab Emirates by signing an agreement with Abu Dhabi National Oil Co. to acquire a 5% interest in the Ghasha Concession offshore Abu Dhabi (OGJ Online, Feb. 5, 2019).

The agreement was signed during a state visit by Russian President Vladimir Putin to the UAE.

ADNOC and partners are developing nine shallow-water fields in the Ghasha project, expecting to produce more than 120,000 b/d of crude oil and condensate and 40 million cu m/day of natural gas.

Other partners are Eni, 25%; Wintershall Dea, 10%; and OMV, 5%.

Lukoil, ADNOC, and the Russian Direct Investment Fund also signed a framework agreement on future cooperation on the Ghasha concession.