{"id":104237,"date":"2025-06-02T00:00:00","date_gmt":"2025-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/austrias-omv-exits-ghasha-concession\/"},"modified":"2025-06-02T00:00:00","modified_gmt":"2025-06-02T00:00:00","slug":"austrias-omv-exits-ghasha-concession","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/06\/02\/austrias-omv-exits-ghasha-concession\/","title":{"rendered":"Austria\u2019s OMV exits Ghasha concession"},"content":{"rendered":"

Austria\u2019s OMV<\/strong> has exited Abu Dhabi\u2019s Ghasha concession<\/strong>, after selling its 5% stake to Russia\u2019s Lukoil for USD 594 mn, minus a USD 100 mn transaction fee, according to a press release<\/a>. The transaction doubles Lukoil\u2019s stake in the project to 10%.<\/p>\n

After the shuffle, Adnoc remains the majority stakeholder with a 70% share<\/strong>, following its acquisition<\/a> of 15% from Italy\u2019s Eni, which now holds 10%. Russia\u2019s Lukoil now owns 10% after doubling its stake through OMV\u2019s exit, while Thailand\u2019s PTTEP holds the remaining 10% after acquiring Germany\u2019s Wintershall Dea\u2019s share last June<\/a>.<\/p>\n

The Ghasha concession includes a cluster of offshore oil and gas fields<\/strong>, such as Hail, Ghasha, Dalma, Nasr, Sarah al Razboot, Bu Haseer, Shuweihat, and Mubarraz sour gas fields.<\/p>\n

BACKGROUND- <\/strong>Adnoc and its partners awarded nearly USD 17 bn<\/a> in EPC contracts for the Hail and Ghasha development project in 2023 \u2014 one of the largest<\/a> 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<\/a> reports. Adnoc and OMV also agreed terms of an agreement to merge their polyolefins business in March<\/a>, with the merger set to be completed in 1Q 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company sold its 5% stake to Russia\u2019s Lukoil<\/p>\n","protected":false},"author":1,"featured_media":104238,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[1360,57,143,7,266],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-104237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-abu-dhabi","tag-adnoc","tag-energy","tag-enterpriseam-uae","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"38bf8cef-bd58-4db2-b716-d97d26461a11","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/6\/93.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Austria\u2019s OMV exits Ghasha concession","related_issue":[104225],"teaser":"The company sold its 5% stake to Russia\u2019s Lukoil","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.78761be4-b9b2-47f4-9161-691edafb6b36.mp3"},"yoast_head":"\nAustria\u2019s OMV exits Ghasha concession - 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