10 May, 2018
Article length: 91 words
OMV takes minority stake in UAE offshore concession
Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV signed an agreement on 29 April which will see the latter take a 20% stake in the Satah Al-Razboot and Umm Lulu offshore oil field concessions, in exchange for a $1.5bn participation fee. Adnoc retains 60% of the concession. The deal is for 40 years, starting from 9 March 2018. It is the latest in a series of recent agreements by Adnoc with international oil majors, including Italy’s Eni and France’s Total.