Russia’s Lukoil buys 5% in Ghasha concession from ADNOC

MOSCOW, Oct 15 (PRIME) -- Russian oil company Lukoil has acquired a 5% stake in the Ghasha field concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC), the Russian oil company said in a statement on Tuesday.

“Today in Abu Dhabi, as part of the state visit of Vladimir Putin, the president of the Russian Federation, accession to the Ghasha concession agreement with a 5% share was signed by Vagit Alekperov, president of Lukoil, and His Excellency Dr. Sultan Ahmed Al Jaber, Group CEO of ADNOC,” Lukoil said.

Ghasha is a project of development of earlier unrecovered gas reserves, oil and gas condensate in nine shallow water fields in the Persian Gulf. ADNOC’s other partners in the concession are Eni with 25%, Wintershall with 10% and Austria’s OMV 5%. The planned amount of production is 40 million cubic meters of gas and 120,000 barrels of oil and gas condensate per day.

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