Austria's OMV is the latest firm to join an international cluster of energy multinationals helping the United Arab Emirates (UAE) in its push toward gas self-sufficiency.
ADNOC, the state-owned Abu Dhabi National Oil Company, has awarded OMV a 5 percent stake in the development of its Ghasha concession, ADNOC's offshore ultra-sour gas mega project. Development will cover Hail, Ghasha, Dalma, and other natural gas fields offshore Abu Dhabi.
The Vienna-based oil and gas company joins Italy's ENI and Germany's Wintershall as partners to ADNOC — ENI and Wintershall earlier this month were awarded a 25 percent share and 10 percent share of the concession, respectively. OMV's 5 percent constitutes the remainder of the 40 percent of the Ghasha concession earmarked for foreign investors.
ADNOC's latest move underscores its integrated gas strategy, a plan to gradually develop its sizable gas reserves and bring the UAE to gas self-sufficiency, which it hopes will ultimately enable its transition from a net importer of natural gas to a net exporter.
Abu Dhabi expects the project 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 2 million homes, the ADNOC's press release said. Once complete, executives predict it will also produce over 120,000 barrels of oil and high-value condensates daily.