ADNOC, Austrian OMV Close $1.5B Offshore Deal

ADNOC, Austrian OMV Close $1.5B Offshore Deal

Abu Dhabi National Oil Company (ADNOC) has agreed the sale of two stakes in offshore blocks worth $1.5 billion to Austrian OMV, The National reported.

The latest deal means that the company has awarded $8 billion worth of concessions awarded so far this year.

“OMV’s strong track record in deploying advanced technologies to cost-effectively increase recovery rates from mature fields will help enable Adnoc to continue to be a reliable supplier of oil for decades to come,” said Sultan Al Jaber, ADNOC Group CEO and UAE state minister.

The majority of OMV’s 311,000 barrels per day (b/d) of production comes from central Eastern Europe, but the company has made steps to add cheaper barrels of Middle Eastern crude to its portfolio.

OMV acquired 20% interest in the offshore fields of Satah Al-Razboot, along with satellite fields Bin Nasher and Al-Bateel, as well as Umm Lulu.


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