OMV gets 20% stake in Abu Dhabi concession

OMV AG expects to sign documents by the end of April 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 US$1.5-billion acquisition with Abu Dhabi National Oil Company, which has been signing new participation agreements with international operators for three concessions formed from old ADMA-OPCO and other concessions that have expired.

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.

In February ADNOC awarded Cepsa of Spain, a wholly owned subsidiary of Mubadala Investment Company of Abu Dhabi, a 20% stake in the SARB-Umm Lulu concession for a US$1.5-billion participation fee.

Source: Oil & Gas Journal