The stake in the Ghasha concession was awarded to Wintershall in 2018. Credit: Zachary Theodore/Unsplash.

Germany’s Wintershall Dea has concluded the sale of its 10% interest in the Ghasha gas concession, located offshore in the western part of Abu Dhabi, to Thailand’s PTT Exploration and Production Public Company (PTTEP).

The German energy business stated that all conditions, including regulatory clearances, have been met to conclude the purchase.

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The sale is a strategic move within a series of broader corporate restructurings, which began with the December 2023 business combination agreement between Wintershall Dea shareholders BASF and LetterOne, and Harbour Energy.

This deal involved the transfer of Wintershall Dea’s exploration and production (E&P) business to Harbour Energy but excluded the Ghasha concession stake, which is now being acquired by PTTEP.

Following the divestment, Wintershall Dea plans to shut down its Abu Dhabi office and cease all operations in the UAE.

One of the UAE’s largest natural gas fields, the Ghasha Concession is expected to produce more than 1.5 billion standard cubic feet per day of gas before the end of the decade.

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The stake in a 40-year concession of the Ghasha project was awarded to Wintershall in 2018 by Abu Dhabi National Oil Company (ADNOC).

PTTEP CEO Montri Rawanchaikul said: “The acquisition of the Ghasha Concession, a significant natural gas field, marks an important step in strengthening PTTEP’s Middle East investment portfolio.

“Additionally, the proximity of the concession location will pave the way for further collaboration among the joint venture partners that will be beneficial to the project achievement.”

ADNOC owns a 55% stake in the project. Other partners include Italy’s Eni (25%), Austria’s OMV (5%) and Russia’s LUKOIL (5%).