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 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 Winterhall as partners to ADNOC — ENI and Winterhall 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.
ADNOC 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 company's press release said. Once complete, executives predict it will also produce over 120,000 barrels of oil and high-value condensates daily.
The 40-year concession agreement with OMV, in addition to those recently signed with ENI and Winterhall, "underscores ADNOC's commitment to maximizing value from Abu Dhabi's substantial gas resources and to ensuring a sustainable and economic supply of gas, in line with the leadership's directives," Sultan Ahmed Al Jaber, the UAE's minister of state and ADNOC Group CEO, said in a statement.
The recent deals follow ADNOC's awarding of a 40 percent stake to French oil major Total, also in November, to explore and develop in "unconventional reservoirs" in Ruwais Diyab, a large area west of current production.
The UAE already accounts for 3.1 percent of global proven natural gas reserves. In early November it announced the discovery of some 15 trillion cubic feet of gas in both untapped and existing blocks, which would add 7.1 percent to its existing gas reserves, according to calculations by BP. The UAE's gas reserves were reported at 209.7 trillion cubic feet in 2017.
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