In December 2018 OMV was awarded a 5% interest in the Ghasha concession comprising the Ghasha mega project.
The concession is located offshore Abu Dhabi and consists of three major gas and condensate development projects Hail, Ghasha and Dalma as well as other offshore oil, gas and condensate fields including Nasr, SARB and Mubarraz. The long-term concession agreement with a term of 40 years strengthens OMV’s position in Abu Dhabi and its cooperation with ADNOC.
OMV has a long-lasting experience in the treatment of sour gas. In 2016 OMV was awarded a four year seismic, drilling and engineering work programme to explore and appraise oil and gas fields in the North-West Offshore Abu Dhabi area that includes the Ghasha and Hail blocks. This cooperation gave OMV in-depth knowledge and confidence in the success of the high potential Ghasha mega project.
According to ADNOC’s planning, the project will start producing around the middle of next decade. The fields are expected to produce at plateau at least 1.5 bn cubic feet per day (40 mn cbm), as well as over 120 kboe/d of oil and high value condensate (gross). The greenfield development includes, beside the drilling of development wells, the construction of offshore and onshore treatment, processing and transportation facilities for natural gas, condensate, crude oil and sulphur. The final investment decision for the first fields to contribute to the production target is planned to be completed next year.
According to its 5% stake OMV will contribute to the past investments incurred by ADNOC in this concession. ADNOC’s other project partners are ENI and Wintershall, with a 25% stake and 10%, respectively, who have entered into the concession in November 2018.