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Apr, 05 2018

Abu Dhabi to sign oil deal with Austria's OMV in late April

This agreement will be signed in Abu Dhabi after months of negotiations.

Abu Dhabi to sign oil deal with Austria's OMV in late April

Abu Dhabi National Oil Co and Austrian oil producer OMV AG are all set to sign a partnership deal to produce oil from offshore fields in the Gulf.

This agreement will be signed in Abu Dhabi after months of negotiations. The details of this agreement are confidential and Adnoc media official and an OMV spokesman declined to comment on the same.

Adnoc who produce almost all of the UAE’s oil, has been offering new deals to foreign investors to gain access to the new technologies and finance. Spain’s Cia Espanola de Petroleos SA agreed to pay $1.5 billion (Dh5.5 billion) for a 20 per cent stake in development rights.

Chief Executive Officer Rainer Seele said in an interview earlier this year that OMV, which has increased cooperation with Russia’s Gazprom PJSC in recent years, is starting to look beyond Russia to “balance out our portfolio.”

Seele told investors last month, the Company’s €10 billion ($12 billion) mergers and acquisitions budget for the years to 2025 could include upstream and downstream investments in Abu Dhabi.

India’s state-owned Oil & Natural Gas Corp and China National Petroleum Corp are bidders who won stakes in Adnoc’s assests.

Mubadala, Abu Dhabi’s state-run investment company is the second largest shareholder of OMV. Cepsa from spain is wholly owned by Mubadala and Austria owns 31.5 per cent of OMV.

 

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