The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed Al Nahyan and Chancellor of Austria Sebastian Kurz witnessed the signing of 40 year agreement between the Abu Dhabi National Oil Company, ADNOC and OMV AG an international integrated oil and gas company based in Vienna.
The agreement was signed by Minister of State and ADNOC Group CEO Dr. Sultan bin Ahmad Sultan Al Jaber and CEO of OMV Rainer Seele.
OMV is an Austrian integrated oil and gas company owned by a subsidiary of Abu Dhabi’s Mubadala Investment Company and it is working with Adnoc on a number of other projects including appraisal of the Shuweihat sour gas field.
OMV contributed a participation fee of AED 5.5 billion. ADNOC retains a majority 60 percent stake in the concession.
The Chief Executive of Adnoc, Dr Sultan bin Ahmad Sultan Al Jaber said, “The expansion of the global economy and increasing demand for oil refined products and petrochemicals provide us with new opportunities to create value across our upstream and downstream business.”
Adnoc has signed deals with India’s Oil and Natural Gas Corp (ONGC), Japan’s INPEX, Spain’s Cepsa, Eni and China’s CNPC for stakes in the offshore fields.
The concession area comprises two producing fields Umm Lulu is a part of the former ADMA–OPCO offshore concession and SARB. The ADMA-OPCO concession has been divided into three separate concessions in order to maximize commercial value, broaden ADNOC’s partner base expand technical expertise and enable greater market access.
His Highness Sheikh Mohamed bin Zayed and Chancellor Kurz also witnessed the signing of a Memorandum of Understanding MoU between Khalifa University for Science and Technology and the Austrian Business Council in Abu Dhabi.
Under ADNOC’s 2030 Strategy crude production capacity is set to increase to 3.5 million bpd by the end of 2018.