OMV and Abu Dhabi National Oil Company (ADNOC) agreed that OMV will acquire a 20% interest in the concession for the offshore oil fields Satah Al Razboot (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure for a purchase price of 1,5 billion dollar.
OMV reported this on April 6, 2018.
The signing of the transaction documents is expected by the end of April 2018.
Abu Dhabi National Oil Company (ADNOC), which generates almost all of the United Arab Emirates’ oil, is awarding new concessions to foreign investors in a bid to gain access to technology and funding and to secure buyers for its crude.
OMV and ADNOC agreed a year ago to evaluate joint opportunities, including the exchange of know-how in refining operations and cooperation on downstream technical and maintenance support.
The Austrian group wants to build up its Middle East operations to match the size of its Russian business and reduce its reliance on Russia, and said last month that it is ready to spend 10 billion euros (12 billion dollar) on acquisitions to expand overseas.
ADNOC aims to take full advantage of rising demand for higher value refined and petrochemical products, particularly in China and Asia and benefit from its partners’ experience.
It announced last year that it would split its ADMA-OPCO offshore concession into three areas - Lower Zakum, Umm Shaif and Nasr, and Sateh Al Razboot and Umm Lulu - with new terms to unlock greater value and increase opportunities for partnerships.
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