Lukoil acquires OMV stake in UAE Ghasha concession
OMV has sold its 5% stake in the Ghasha ultra-sour gas concession offshore Abu Dhabi in the United Arab Emirates to Lukoil Gulf Upstream LLC SPC.
Consideration for the deal, now closed, comprised $594 million in cash less, a $100 million transaction fee.
The Abu Dhabi National Oil Co. (ADNOC)-operated concession, which comprises Hail, Ghasha, Dalma, Nasr, Satah al Razboot (SARB), Bu Haseer, Shuweihat, and Mubarraz offshore sour gas fields. The project, in the Arab basin, is estimated to hold multiple trillions of standard cubic feet of recoverable gas. The fields lie in depth up to 24 m, about 40 km off the coast. The project envisages construction of artificial islands, and onshore and offshore infrastructure.
ADNOC remains operator with 70% interest. Lukoil increases its stake to 10% (having first acquired a 5% stake in 2019), alongside partners Eni (10%) and PTTEP (10%) (OGJ Online, Oct. 15, 2019; June 17, 2024).
Mikaila Adams | Managing Editor - News
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.
