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Abu Dhabi, ADNOC award 5% stake in Ghasha concession to OMV

The Abu Dhabi government and the Abu Dhabi National Oil Co. awarded a 5% stake in the Ghasha ultra-sour gas concession to Austrian-firm OMV AG.

In a statement released Dec. 19, the Abu Dhabi National Oil Co., or ADNOC, said the concession covers the Hail, Ghasha, Dalma, Nasr, Sarb and Mubarraz sour gas fields.

Under the deal, which has a term of 40 years, OMV will provide 5% of the project capital and operational development expenses.

In November, Italy-based Eni S.p.A. was awarded a 25% stake in the concession and German-firm Wintershall Holding GmbH was awarded a 10% stake. ADNOC said previously that it would allocate a total of 40% of the concession for foreign oil and gas companies.

The project is expected to produce over 1.5 billion cubic feet of gas per day when it comes on stream around the middle of the next decade, enough to provide electricity to more than two million homes. Once complete, the project will also produce over 120,000 barrels of oil and high-value condensates per day.

ADNOC also said it plans to hike production in the Shah sour gas field to 1.5 billion cubic feet per day and develop the sour gas field in Bab and Bu Hasa.