OMV signs $1.5-bln Abu Dhabi concession deal

Abu Dhabi

ABU DHABI, April 30, 2018 – Austria’s OMV has signed a USD 1.5-billion deal with ADNOC to acquire a 20% stake in production rights for 40 years at the Satah Al Razboot and Umm Lulu fields offshore Abu Dhabi.

The concession agreement, announced by the Abu Dhabi NOC Sunday, marks a significant upstream expansion for OMV and a key step for ADNOC in securing partnerships for its offshore production.

OMV CEO Rainer Seele said in an interview on Sunday that the company was anticipating expanded co-operation with Abu Dhabi in both the upstream and downstream sectors.

The concession holding the two fields is now comprised of ADNOC (60%), Spain’s CEPSA (20%) and OMV (20%).

The government of Abu Dhabi, through state-owned Mubadala Investment Company, is the second-largest shareholder in OMV after the Austrian government, with a 24.9% stake.