OMV AG expects to sign by the end of April documents for its acquisition of a 20% interest in the concession for Satah Al Razboot (SARB) and Umm Lulu oil fields offshore Abu Dhabi.
The company said it has entered an agreement for the $1.5-billion acquisition with Abu Dhabi National Oil Co., which has been signing new participation agreements with international operators for three concessions formed from old ADMA-OPCO and other concessions that have expired (OGJ Online, Aug. 8, 2017). ADMA-OPCO is now part of ADNOC Offshore.
SARB has two satellite fields: Bin Nasher and Al Bateel. Total peak production from SARB and Umm Lulu fields is to exceed 200,000 b/d.
ADNOC in February awarded Cepsa of Spain, a wholly owned subsidiary of Mubadala Investment Co. of Abu Dhabi, a 20% stake in the SARB-Umm Lulu concession for a $1.5-billion participation fee (OGJ Online, Feb. 19, 2018).
