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Lukoil signs agreement with ADNOC for 5% stake in Ghasha concession

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Lukoil signs agreement with ADNOC for 5% stake in Ghasha concession

Russian integrated oil and gas company PJSC Lukoil signed an agreement with state-owned Abu Dhabi National Oil Co., or ADNOC, for a 5% stake in the Ghasha concession for an undisclosed amount, according to an Oct. 15 news release.

The Ghasha project aims to develop gas deposits in nine shallow fields in the Arabian Gulf west of Abu Dhabi. The project is expected to produce over 40 million cubic meters of gas per day as well as 120,000 barrels of oil and gas condensate per day.

In addition, Lukoil, ADNOC and the Russian Direct Investment Fund signed a tripartite agreement on future cooperation in the concession.

Other partners in the concession include Eni SpA, Wintershall Dea GmbH and OMV AG with stakes of 25%, 10% and 5%, respectively.