The Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi government have awarded Austria’s OMV a 5% stake in the Ghasha ultra-sour gas concession, ADNOC announced on December 19.
The 40-year agreement was signed by Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Rainer Seele, Chairman of the Executive Board and CEO of OMV.
“This long-term strategic agreement with OMV, as well as the other Ghasha concession agreements we have concluded recently, underscores ADNOC’s commitment to maximizing value from Abu Dhabi’s substantial gas resources and to ensuring a sustainable and economic supply of gas,” Al Jaber said.
The project is expected to be linked to production in the middle of the next decade and is expected to produce more than 1.5 billion cubic feet of gas per day (cf/d) which will provide over two million homes with electricity.
After completing the project, it will produce more than 120,000 barrels of oil and high-value condensate per day (b/d).
The Ghasha concession consists of the Hail, Ghasha, Dalma, Nasr, Sarb and Mubarraz sour gas fields.