Austria's OMV to invest in UAE offshore oilfields in $1.5 billion deal with ADNOC

Austria's OMV to invest in UAE offshore oilfields in $1.5 billion deal with ADNOC:

"Austrian oil and gas group OMV said it will take a 20 percent interest in two oilfields off the United Arab Emirates under a $1.5 billion deal agreed with the Gulf state’s national oil company ADNOC.

Abu Dhabi National Oil Company (ADNOC), which generates almost all of the United Arab Emirates’ oil, is awarding new concessions to foreign investors in a bid to gain access to technology and funding and to secure buyers for its crude.

OMV and ADNOC agreed a year ago to evaluate joint opportunities, including the exchange of know-how in refining operations and cooperation on downstream technical and maintenance support."



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