In April 2018 OMV, the international integrated oil and gas company based in Vienna, signed an agreement for the award of a 20% stake in the offshore concession Abu Dhabi – SARB (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure. The agreed participation fee amounted to US$1.5 billion and the duration of the contract is 40 years.
The SARB field, 120 km away from Abu Dhabi, and the Umm Lulu field, about 30 km away from Abu Dhabi, are both located offshore in shallow waters. The early production in Umm Lulu started in the fourth quarter of 2016.
OMV’s share of the reserves, for the period of the concession agreement, would amount to approximately 450 million bbls of oil for the two main fields, with upside potentials from the satellite fields Bin Nasher and Al Bateel. OMV’s capital expenditures over the contract term are estimated to amount to approximately US$2 billion, thereof approximately US$150 million will be spent per annum during the first five years.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27092018/omv-start-production-in-abu-dhabi/