Cepsa joins ADNOC concession
ABU DHABI, February 19, 2018 – ADNOC has sold a 20% stake in the SARB and Umm Lulu offshore concession to Mubadala subsidiary Cepsa for USD 1.5 billion, the Abu Dhabi NOC announced on Sunday.
The agreement, which is effective March 9, 2018, will span 40 years.
“This long-term agreement is a milestone in the development of Abu Dhabi’s integrated oil and gas sector and in the delivery of ADNOC’s 2030 smart growth strategy,” said ADNOC CEO Sultan Ahmed Al Jaber. “This partnership ensures we continue to maximise value from our hydrocarbon resources, in line with the leadership’s directives, by capturing that value and financial return here in the UAE.”