Abu Dhabi’s offshore concession bonanza has finally concluded, with Austria’s OMV finalizing its 20% stake in the Sarb & Umm Lulu concession earlier this week. The agreement amounts to a formality since OMV had already confirmed its entrance into the concession earlier last month (MEES, 6 April), but the $1.5bn deal caps off three months of deal making which saw a whopping $7.7bn in signing bonuses paid out for stakes in three separate concessions (see table).
OMV joins Spanish-headquartered (but Abu Dhabi-owned) Cepsa at Sarb & Umm Lulu, which officials claim will eventually ramp up to 215,000 b/d. The concession currently produces a mere 20,000 b/d. Abu Dhabi state investment giant Mubadala owns 100% of Cepsa as well as 24.9% of OMV (MEES, 20 April). (CONTINUED - 907 WORDS)
