OMV gets 20% stake in Abu Dhabi concession

OMV AG expects to sign by the end of April documents for its acquisition of a 20% interest in the concession for Satah Al Razboot (SARB) and Umm Lulu oil fields offshore Abu Dhabi.

OMV AG expects to sign by the end of April documents for its acquisition of a 20% interest in the concession for Satah Al Razboot (SARB) and Umm Lulu oil fields offshore Abu Dhabi.

The company said it has entered an agreement for the $1.5-billion acquisition with Abu Dhabi National Oil Co., which has been signing new participation agreements with international operators for three concessions formed from old ADMA-OPCO and other concessions that have expired (OGJ Online, Aug. 8, 2017). ADMA-OPCO is now part of ADNOC Offshore.

SARB has two satellite fields: Bin Nasher and Al Bateel. Total peak production from SARB and Umm Lulu fields is to exceed 200,000 b/d.

ADNOC in February awarded Cepsa of Spain, a wholly owned subsidiary of Mubadala Investment Co. of Abu Dhabi, a 20% stake in the SARB-Umm Lulu concession for a $1.5-billion participation fee (OGJ Online, Feb. 19, 2018).

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