Abu-Dhabi, November 26 - Neftegaz.RU. The Abu Dhabi Government and ADNOC have added Wintershall to the Ghasha ultra-sour gas mega project with a 10 % stake.
The Ghasha Concession consists of the Hail, Ghasha, Dalma and other offshore sour gas fields including Nasr, SARB and Mubarraz. Wintershall will contribute 10% of the project capital and operational development expenses.
Germany’s largest crude oil and natural gas producer and a wholly owned subsidiary of BASF, the world’s largest chemicals company by sales, joins Italy’s Eni as partners with ADNOC in the project.
Eni was awarded a 25 % stake in the Ghasha concession earlier this month. The agreement marks the 1st time a German oil and gas company has been awarded a stake in an Abu Dhabi concession area. The concession agreement, which has a term of 40 years, was signed by Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC CEO, and Mario Mehren, CEO of Wintershall.
The Ghasha ultra-sour concession will tap into the Arab basin, which is estimated to hold multiple trillions of standard cubic feet of recoverable gas. According to ADNOC, the project is expected to produce over 1.5 billion cubic feet of gas per day when it comes on stream around the middle of the next decade, enough to provide electricity to more than 2 million homes. Once complete, the project will also produce over 120,000 barrels of oil and high value condensates per day.
Mario Mehren said: «We have been working since 2010 on strengthening the Middle East region by investing here and developing it into another growth region for Wintershall. And, we achieved that goal today by signing the contract.»