Austrian oil and gas operator OMV has moved closer to a long rumoured investment in the Abu Dhabi National Oil Company’s (ADNOC) offshore holdings, according to multiple media reports.
The firm has claimed it is to purchase a 20% stake in two oilfields offshore the UAE in a deal worth around $1.5bn. Abu Dhabi’s government backed global investment firm, and oil and gas player, Mubadala owns a 25% stake in OMV.
ADNOC has been selling various stakes in its offshore portfolio in recent weeks with the likes of France’s Total and China’s CNPC the most recent to put pen to paper on big ticket deals.
Spain’s Cepsa, which is wholly owned by Mubadala, paid $1.5bn for a 20% holding in ADNOC’s offshore concession areas in February.
OMV’s potential deal is thought to focus on the Satah Al Razboot and Umm Lulu oilfields and comes as the Vienna based firm seeks to enhance its presence in the Middle East. The firm’s CEO Rainer Seele has announced the firm wants to balance its portfolio and has $12bn earmarked for the right investment opportunities up to 2025.
OMV has suggested the deal with ADNOC will be officially ratified by the end of April.