Abu Dhabi National Oil Company (ADNOC) on Sunday signed a $1.5 billion offshore concession deal with Austria’s OMV, the UAE firm said in a statement.
The 40-year deal to develop SARB and Umm Lulu offshore oilfield is the latest in a series of contracts with foreign oil companies to develop three offshore oilfields with the aim of boosting their output.
The other fields are Lower Zakum and Umm Shaif and Nasr.
ADNOC has already signed concession contracts with France’s Total, Italy’s ENI, Japan’s INPEX and China’s CNPC in addition to Spain’s CEPSA and an Indian consortium led by ONGC Videsh, raising some $8 billion in participation fees, the statement said.
The deals also guarantee secure markets for around 40 percent of Abu Dhabi oil output which currently stands at 2.8 million barrels per day, ADNOC said.
ADNOC has been vying to expand its output capacity from 3.2 million bpd currently to 3.5 million bpd by the end of 2018.
Earlier this month, it invited bids for exploration contracts for six major blocks with untapped reserves of oil and gas.
ADNOC said the blocks are estimated to hold billions of barrels of oil and trillions of cubic feet of natural gas.
Home to more than 90 percent of United Arab Emirates (UAE) oil, Abu Dhabi is auctioning off licences in its blocks for the first time.
ADNOC wants to double its refining capacity, currently at around 800,000 bpd, and tripple its petrochemicals production.