Romania’s OMV has successfully completed the sale of its 5% stake in the Ghasha concession to Lukoil Gulf Upstream for a substantial $594 million, equivalent to 2.63 billion lei. This strategic deal now elevates Lukoil’s overall ownership in the Abu Dhabi-based field to 10%, following its initial acquisition back in 2019.
The Ghasha project, an offshore development located in the Persian Gulf, is expected to greatly benefit from Lukoil’s increased involvement. With water depths reaching up to 24 meters and situated approximately 40 kilometers from the shore, the Ghasha concession holds significant strategic importance within the region.
ADNOC, the primary shareholder, still retains a majority 55% interest in the project. The concession plays a crucial role in ADNOC’s integrated gas masterplan and serves as a key enabler of gas self-sufficiency for the United Arab Emirates (UAE). Other stakeholders in the project include Italy’s Eni with a 25% share and Thailand’s PTTEP with 10%.
The Ghasha concession, awarded in November 2018 for a lengthy 40-year period, encompasses the development of nine offshore fields. These include three major gas and condensate development projects – Hail, Ghasha, and Dalma – as well as various other offshore oil, gas, and condensate fields such as Nasr, SARB, and Mubarraz.
The estimated production capacity of the Ghasha concession exceeds 40 million cubic meters of gas and 120,000 barrels of oil and gas condensate per day. The gas extracted from these fields is anticipated to meet over 20% of the domestic demand for gas in the UAE.
OMV’s expertise in sour gas treatment enabled the company to secure a four-year seismic, drilling, and engineering work program back in 2016. This program was designed to explore and appraise oil and gas fields in the North-West Offshore Abu Dhabi area, which includes both the Ghasha and Hail blocks.
In a related development, OMV Petrom recently finalized a significant gas supply agreement with Moldova in May 2025. This agreement will see OMV Petrom supplying a quarter of Moldova’s annual gas needs, thereby enhancing Moldova’s energy independence and reducing its reliance on Russian gas supplies.
The original article, “OMV divests 5% stake in Ghasha concession for $594m,” was first published by Offshore Technology, a brand owned by GlobalData.
Please note that the information provided in this article is for general informational purposes only and should not be considered as advice to be relied upon. It is recommended to seek professional or specialist advice before making any decisions based on the content presented here.
