The Austrian oil and gas company OMV will acquire a 20% in the offshore concession including the Satah Al Razboot (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu oil fields in the Persian Gulf (United Arab Emirates) from Abu Dhabi National Oil Company (ADNOC) for US$1.5bn. The transaction is expected to be signed by the end of April 2018.
Since the beginning of 2018, ADNOC has been selling stakes in other assets (namely the Lower Zakum and Umm Shaif and Nasr blocks) to CNPC, Total, Eni, ONGC Videsh and Inpex. Satah Al Razboot and Umm Lulu were previously part of a former ADMA offshore concession made up of the three areas: Lower Zakum, Umm Shaif and Nasr, and Sateh Al Razboot and Umm Lulu. The Umm Lulu offshore oil field is being developed by ADMA-Opco, a joint venture of ADNOC (60%), BP (14.67%), Total (13.33%) and Japan Oil Development Company (Jodco, 12%). The production started in 2014 and once fully developed, it will produce 105,000 bbl/d.