Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (Adnoc) has awarded Austria’s OMV a 5% stake in the Ghasha ultra-sour gas concession, which comprises the Hail, Ghasha, Dalma, Nasr, Sarb and Mubarraz sour gas fields.
Under the 40-year concession agreement, the Austrian company will cover 5% of the project capital and operational development expenses, according to a statement.
“This long-term strategic agreement…underscores ADNOC’s commitment to maximizing value from Abu Dhabi’s substantial gas resources and to ensuring a sustainable and economic supply of gas, in line with the leadership’s directives,” the UAE’s energy minister Sultan Ahmed Al Jaber said.
The project’s daily gas output is expected to exceed 1.5 billion cubic feet within ten years, which will provide energy to two million homes.
Following its completion, the project will produce over 120,000 barrels of oil and high-value condensates daily, Adnoc revealed.
“We are pleased to be awarded a stake in the largest sour gas and condensate fields in Abu Dhabi and to strengthen our partnership with ADNOC. We are confident that our technological expertise will contribute to value-creation and profitable growth, for all partners involved,” OMV’s chairman and CEO Rainer Seele commented.
ADNOC plans to ramp up its daily production from Shah sour gas field to 1.5 billion cubic feet and develop the sour gas fields at Bab and Bu Hasa.
