Austria’s OMV has exited Abu Dhabi’s Ghasha concession, after selling its 5% stake to Russia’s Lukoil for USD 594 mn, minus a USD 100 mn transaction fee, according to a press release. The transaction doubles Lukoil’s stake in the project to 10%.

After the shuffle, Adnoc remains the majority stakeholder with a 70% share, following its acquisition of 15% from Italy’s Eni, which now holds 10%. Russia’s Lukoil now owns 10% after doubling its stake through OMV’s exit, while Thailand’s PTTEP holds the remaining 10% after acquiring Germany’s Wintershall Dea’s share last June.

The Ghasha concession includes a cluster of offshore oil and gas fields, such as Hail, Ghasha, Dalma, Nasr, Sarah al Razboot, Bu Haseer, Shuweihat, and Mubarraz sour gas fields.

BACKGROUND- Adnoc and its partners awarded nearly USD 17 bn in EPC contracts for the Hail and Ghasha development project in 2023 — one of the largest single-project investments for the Abu Dhabi energy giant. The USD 20 bn gas concession is expected to come online with a daily production capacity of 1.5 bn cbf of gas and 120k barrels of oil and condensates, Bloomberg reports. Adnoc and OMV also agreed terms of an agreement to merge their polyolefins business in March, with the merger set to be completed in 1Q 2026.

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