In March 2018, OMV was awarded a 20% stake in the offshore concession Abu Dhabi – SARB (Satah Al Razboot, with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure. The agreed participation fee amounted to USD 1.5 bn and the duration of the contract is 40 years.
The SARB field, 120 km away from Abu Dhabi, and the Umm Lulu field, about 30 km away from Abu Dhabi, are both located offshore in shallow waters, an environment, in which OMV is already highly experienced.
The production start-up in September 2018 showed an initial capacity of 10,000 barrels per day (net to OMV). Expected long-term plateau production is 40,000 barrels.
OMV’s share of the reserves, for the period of the concession agreement, would amount to approximately 450 mn barrels oil for the two main fields, with upside potentials from the satellite fields Bin Nasher and Al Bateel. OMV’s capital expenditures over the contract term are estimated to amount to approximately USD 2 bn, thereof approximately USD 150 mn will be spent per annum during the first five years.
The offshore concession award is an important milestone in OMV’s delivery on strategy 2025, by expanding OMV´s footprint in one of the world’s leading oil and gas hubs.