Austrian integrated oil and gas company OMV AG is expected to secure a deal to produce oil from offshore fields in Abu Dhabi, Bloomberg News reported citing people familiar with the matter.
State-owned Abu Dhabi National Oil Co., which generates almost all the United Arab Emirates' oil, is awarding new concessions to foreign investors in a bid to gain access to technology and funding and to secure buyers for its crude.
Abu Dhabi national wealth fund Mubadala is OMV's second-largest shareholder. OMV would be the second company with links to the island capital to win an oil deal after Spain's Cia Espanolade Petroleos SA, which is wholly owned by Mubadala, paid $1.5 billion for a 20% stake in a group of offshore fields.
A representative for Abu Dhabi National Oil Co. said that negotiations are ongoing with a number of potential partners on the remaining concessions.
While the deal with OMV has yet to be finalized, an announcement is expected in the coming weeks, Bloomberg News said citing its sources. The Austrian company declined to comment.
