Austria’s OMV secures 5% stake in ADNOC’s Ghasha offshore gas project in UAE. Credit: Abu Dhabi National Oil Company.

Austrian oil and gas company OMV has reached a concession agreement with Abu Dhabi National Oil Company (ADNOC) for a 5% stake in the Ghasha offshore gas and condensate fields for 40 years.

The Ghasha development comprises the three major gas and condensate development projects, which are Hail, Ghasha and Dalma. This is in addition to other offshore oil, gas and condensate fields, including Nasr, SARB and Mubarraz.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Under the agreement, OMV will join other partners, including Italy’s Eni and Germany’s Wintershall, in exploring the Ghasha offshore gas and condensate fields. Eni secured a 25% interest, while Wintershall won 10% in the Ghasha concession last month.

This deal marks OMV entering the Middle East gas business. The Austrian company will contribute 5% of the project capital and operational development expenses.

OMV executive board chairman and CEO Dr Rainer Seele said: “We are pleased to be awarded a stake in the largest sour gas and condensate fields in Abu Dhabi and to strengthen our partnership with ADNOC.

“We are expanding our already material position in the Middle East and are further shifting our upstream production towards gas.”

“Today’s signature marks a long-term commitment, and it is another important step in the successful implementation of our strategy 2025.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“With this agreement, we are expanding our already material position in the Middle East and are further shifting our upstream production towards gas.”

The Ghasha concession awards come after Abu Dhabi’s Supreme Petroleum Council’s approval of ADNOC’s integrated gas strategy, aimed at boosting Abu Dhabi’s substantial gas reserves.

Ghasha project is estimated to produce more than 1.5 billion cubic feet of gas a day when it comes on-stream in the mid-2020s. Production will be enough to supply electricity to more than two million homes.

Once operational, the project is expected to produce more than 120,000 barrels of oil and high-value condensates a day.