Austrian energy group OMV said it has reached an agreement with Abu Dhabi National Oil Company (Adnoc) to acquire a 20 per cent stake in the concession for the two offshore oilfields in the UAE.
As per the deal, the Austrian firm will buy the stake in Satah Al Razboot (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure for $1.5 billion, said a statement from the company.
The signing of the transaction documents is expected by the end of this month.
A leading producer of oil and gas, innovative energy and high-end petrochemical solutions, OMV Group boasts sales of euro 20 billion and a workforce of around 20,700 employees in 2017,
In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio, with the North Sea, the Middle East & Africa and Russia as further core regions.
Its 2017 daily production stood at approximately 348,000 boe/d.