OMV Awarded 5% Stake in UAE Offshore Project

   By Alberto Delclaux

OMV AG (OMV.VI) said Wednesday that it signed a concession agreement with Abu Dhabi National Oil Co., granting the Austrian oil-and-gas company a 5% stake in a United Arab Emirates offshore project.

The concession consists of three major gas and condensate development projects in Hail, Ghasha and Dalma, as well as other oil, gas and condensate fields, OMV said. It is set to run for 40 years, having started in November.

"With this agreement, we are expanding our already material position in the Middle East and are further shifting our upstream production towards gas," said OMV Chief Executive Rainer Seele.

Eni SpA (ENI.MI) and Wintershall AG also entered the concession in November, with a 25% and 10% stake respectively.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

December 19, 2018 04:56 ET (09:56 GMT)

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