MOSCOW, Oct 5 (PRIME) -- Abu Dhabi National Oil Company (ADNOC) has made a final investment decision to sign contracts for development of shelf oil and gas deposits Hail and Ghasha, where Russian oil company Lukoil owns stakes, in Abu Dhabi, the company said in a statement on Thursday.
"ADNOC announced, today, the final investment decision and award of contracts for the Hail and Ghasha Offshore Development project," the company said.
Lukoil bought a 5% interest in Ghasha concession owning the Hail and Ghasha deposits for U.S. $214 million in October 2019. ADNOC owns 55% in the concession, Italy's Eni 25%, Germany's Wintershall 10%, Austria's OMV 5%.
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