UAE's ADNOC awards stake in offshore concession to OMV

UAE's Abu Dhabi National Oil Company (ADNOC) on Sunday awarded a 20 percent stake in its offshore SARB and Umm Lulu concession to Austrian energy firm OMV.

The 40-year concession agreement was awarded for a participation fee of AED 5.5 billion ($1.5 billion), the oil major said in a statement.

OMV is working with ADNOC on a number of other projects, including appraisal of the Shuweihat sour gas field.

The agreement inked today completes the round of offshore concessions.

Since the beginning of the year, ADNOC has signed deals with India’s Oil and Natural Gas Corp (ONGC), Japan’s INPEX, Spain’s Cepsa, Italy’s Eni and China’s CNPC for stakes in offshore fields.

The offshore concessions have so far contributed $7.92 billion in participation fees and secured markets for 40 percent of the UAE’s oil for the next 40 years, ADNOC said.