OMV signs $1.5-bln Abu Dhabi concession deal
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.
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