His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the United Arab Emirates Armed Forces, and His Excellency Sebastian Kurz, Chancellor of Austria, witnessed, the signing of an agreement awarding OMV a 20% stake in Abu Dhabi’s SARB and Umm Lulu offshore concession. OMV is an Austrian integrated oil and gas company part-owned by a subsidiary of Abu Dhabi’s Mubadala Investment Company.

OMV, Austria’s largest listed industrial company, joins Spanish integrated oil and gas company CEPSA (20%), which is wholly owned by the Mubadala Investment Company, as a shareholder in the offshore concession. The SARB and Umm Lulu concession award to OMV strengthens ADNOC’s strategy to maximize returns from its resources, expand its downstream business, and retain value for the UAE.

OMV contributed a participation fee of AED 5.5 billion (US$1.5 billion) to enter the concession, which also takes account of previous investments made by ADNOC in the SARB field. ADNOC retains a majority 60% stake in the offshore concession that will be operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of the concession partners.

About the Abu Dhabi National Oil Company (ADNOC)

ADNOC is one of the world’s leading oil and gas companies and is fully owned by the government of the Emirate of Abu Dhabi. The company was founded in 1971 and is active in all areas of the oil and gas industry.
It has 17 specialized subsidiaries and joint ventures operating in both upstream and downstream sectors. The ADNOC Group is active in the United Arab Emirates and across the whole world and produces more than 2.7 million boe a day. In the past few years, significant achievements were made in the expansion of the development of gas fields to meet the increased demand from industry gas users; and gas injection requirements in order to enhance the oil and condensate recovery from the producing fields.
While carrying out all its business activities, ADNOC is committed to sustainable development, ensuring a harmonious balance between people’s needs and Earth’s resources, adhering to the best international practices and supporting all programs and initiatives of environment protection while its track record in HSE sets the standard not only at the regional Gulf level but at the international level as well.

About OMV Aktiengesellschaft

OMV is producing and marketing oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. 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. 2017 daily production stood at approximately 348,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tonnes and more than 2,000 filling stations in ten countries as of year-end 2017. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2017, gas sales volumes amounted to 113 TWh.