The Austrian company OMV sold 5% of its stake in oil and gas project Ghasha (UAE) of the Russian corporation LUKOIL for $594 million. After the deal, LUKOIL doubled its participation in the project, and OMV completely withdrew from it.
LUKOIL continues to strengthen its position in the Middle East. The company acquired a 5% stake in the Ghasha concession, located offshore Abu Dhabi, from OMV. The total amount of the transaction was $594 million. Earlier, in 2019, LUKOIL already bought 5% in this project for $214 million, and now has increased its share to 10%.
The Ghasha project includes several deposits, among which the largest is Ghasha, as well as Hail, Dalma, Nasr and Mubarraz. Their total gas reserves are estimated at 141 billion m³. Production is planned at more than 40 million m³ of gas per day and 120 thousand barrels of oil and condensate.
A special feature of the project is the difficult production conditions: the gas contains a high concentration of sulfur, which requires special technologies. Artificial islands are being created to develop deposits – three out of ten have already been built.
The project operator remains ADNOC (55%), other participants are Eni (25%) and PTTEP (10%). In 2023, ADNOC approved the final investment a solution aimed at achieving net-zero CO₂ emissions by 2045. The project envisages capturing 1.5 million tons of carbon dioxide annually.
The deal between OMV and LUKOIL confirms the strategic interest of Russian companies in Middle Eastern projects. The increase in the stake in Ghasha strengthens LUKOIL’s position in the region, and the project itself remains key to meeting the energy needs of the UAE while taking into account environmental standards.
Source: neftegaz.ru
