OMV poised for ADNOC concessions deal

OMV poised for ADNOC concessions deal
Dr Sultan Ahmed Al Jaber (right), the UAE Minister of State and group CEO, ADNOC, and Dr Rainer Seele, CEO, OMV, at a previous contract signing.
Published: 1 March 2018 - 1:13 a.m.
By: Jonathan Sheikh-Miller

Austrian oil firm OMV is set to secure a deal to produce oil from the Abu Dhabi National Oil Company’s (ADNOC) offshore fields in Abu Dhabi, according to sources cited by Bloomberg.

The deal with OMV has not yet been officially secured but it is likely to be announced within a few weeks, according to the un-named sources. ADNOC is presently selling concessions to foreign investors and has handed out deals to India’s ONGC, Spain’s Cepsa and Japan’s Inpex in recent weeks.

Abu Dhabi investment firm the International Petroleum Investment Company (IPIC) is the second largest shareholder in OMV. The chairman of IPIC's board of directors is Sheikh Mansour bin Zayed al Nahyan, the Deputy Prime Minister of the UAE.

Cepsa, who purchased a 20% stake in offshore concessions for around $1.5bn last week, is wholly owned by IPIC.

OMV declined to speak about the speculation while ADNOC stated negotiations are ongoing with various interested parties.

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