OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

Friday, May 30, 2025

Austrian oil and gas firm OMV has signed an agreement with Lukoil Gulf Upstream, a subsidiary of Russia’s Lukoil, to divest its stake in a sour gas development offshore the United Arab Emirates (UAE).

OMV has agreed the sale of 5% stake in the Ghasha concession to Lukoil for the overall cash consideration of $594 million, less a $100 million transaction fee.

After the sale, Lukoil has increased its share in the concession to 10%, with the remaining partners including ADNOC (55%), Eni (25%), and PTTEP (10%).

The concession covers nine fields and comprises three major sour gas and condensate greenfield development projects.

Development will be progressed in a phased approach using artificial islands and well head towers.

The projects will include the drilling of development wells and the construction of offshore and onshore treatment, processing and transportation facilities for natural gas, condensate, crude oil and sulphur.

ADNOC made the final investment decision (FID) for the Hail and Ghasha Offshore Development project in 2023.

The project aims to operate with net zero carbon dioxide (CO2) emissions, and is set to produce more than 1.5 billion standard cubic feet per day (bscfd) of gas before the end of the decade, contributing to UAE gas self-sufficiency and ADNOC’s gas growth and export expansion plans.

The CO2 will be captured, transported onshore and safely stored underground, while low-carbon hydrogen is produced that can replace fuel gas and further reduce emissions. The project will also leverage clean power from nuclear and renewable sources from the grid. 

The carbon captured at Hail and Ghasha will support ADNOC’s wider carbon management strategy.

Categories: Shale LNG Renewables Inspection & Repair & Maintenance ROV & Dive Support Construction Vessel Floating Production Support Vessel Natural Gas Mergers & Acquisitions Middle East Industry News Activity Oil and Gas Software Hardware Safety & Security

Related Stories

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

DOF Secures Moorings Hook-Up Job in Asia Pacific

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Fugro Lands Deepwater Gas Field Job in Southeast Asia

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com