TELETRADER News
12/19/2018, 11:03 AM (Source: TeleTrader)
more TeleTrader news

OMV+1.49%

47.620
Chart for: OMV AG

ENI+1.36%

13.826
Chart for: ENI

Austria's OMV to develop Abu Dhabi gas fields

The Abu Dhabi National Oil Company (ADNOC) has awarded Austrian oil and gas company OMV a 5% concession to develop its offshore Ghasha concession, CNBC reported on Wednesday. The development will also encompass the areas of Hail, Dalma and other offshore fields located close to Abu Dhabi.

OMV joins Italy's ENI and Germany's Wintershall as a partner in the venture, both of which were earlier this month awarded a 25% and 10% share of the concession respectively. OMV's share was the remainder of the 40% Ghasha concession that was allocated to foreign investors.

The agreement was signed for a period of 40 years and should produce over 1.5 billion cubic feet of gas daily by the mid-2020s. The UAE's minister of state and ADNOC Group CEO Sultan Ahmed Al Jaber stated that the concession "underscores ADNOC's commitment to maximizing value from Abu Dhabi's substantial gas resources and to ensuring a sustainable and economic supply of gas, in line with the leadership's directives."

Baha Breaking the News (BBN) / DZ