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OMV and ADNOC Sign $1.5bn Offshore Concession Agreement

Stake in the Umm Lulu and SARB concessions, along with associated infrastructure has been awarded to the Australian firm.

The US$1.5bn deal has been agreed for 40 years, becoming effective on 9 March 2018.

With first oil expected to be produced this year, the SARB field is located 120km from UAE’s capital city.

Production began on the Umm Lulu field, which is approximately 30km from Abu Dhabi, at the end of 2016.

“OMV is establishing a material position as an oil producer in the UAE and is delighted to further build on its existing partnership with Abu Dhabi and ADNOC,” stated CEO and Chairman of the OMV Executive Board, Dr. Rainer Seele.

“The offshore concession award is a significant milestone in OMV’s delivery on strategy 2025, as we expand our footprint in one of the world’s leading oil and gas hubs.”

“We are positive that our technological expertise will contribute to value creation and a profitable growth, for all partners involved.”

“This agreement between ADNOC and OMV is great for both companies allowing them to further foster their successful business partnership,” commented His Excellency Sebastian Kurz, the Chancellor of the Federal Republic of Austria.

“This is also beneficial for Austria one of the main shareholders in OMV,” he added.

“The agreement will also make an important contribution to the further strengthening of our bilateral relations with the United Arab Emirates.”

Source : Bizmap