ADNOC Picks OMV As Partner For Ghasha Project In Abu Dhabi

Abu Dhabi National Oil Co. (ADNOC) has picked OMV to join other partners exploring the Ghasha offshore gas and condensate fields, awarding the Austrian oil and gas group a 5% stake in the concession for 40 years.

Under the deal signed on Dec. 19, OMV gains access to the Middle East gas business for the first time, in line with its strategy to make it a core region to balance geopolitical risks it faces in countries such as Russia and Libya.

OMV, which brings in extensive experience in seismic, drilling and engineering work, will contribute 5% of the project capital and operational development expenses, the companies said without giving an overall value for the deal.