Austria’s OMV confirmed on 5 April that it will take up the final available stake in Abu Dhabi’s repackaged offshore sector. It plans to sign a $1.5bn deal by the end of April for 20% in the Sarb & Umm Lulu concession, where Adnoc plans to boost output from 20,000 b/d to 215,000 b/d.
OMV, in which Abu Dhabi’s Mubadala has a 24.9% stake, joins Mubadala’s wholly owned subsidiary Cepsa which also paid $1.5bn for 20% of the concession (MEES, 23 February). Adnoc holds the remaining 60% and the concession is for 40 years to 2058. (CONTINUED - 342 WORDS)
