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LUKOIL enters the Ghasha project for the extraction of hydrocarbons in the UAE

LUKOIL enters the Ghasha project for the extraction of hydrocarbons in the UAE LUKOIL enters the Ghasha project for the extraction of hydrocarbons in the UAE


Abu Dhabi
, October 16 - Neftegaz.RU. On October 15 in the UAE, as part of the state visit of Vladimir Putin, Accession to the Ghasha Concession Agreement with a 5% share was signed by Vagit Alekperov, President of LUKOIL, and Ahmed Al Jaber, Group CEO of the Abu Dhabi National Oil Company (ADNOC).

Ghasha is a project for the development of previously undeveloped deposits of gas, oil & gas condensate as part of 9 shallow fields in the Arabian Gulf west of Abu Dhabi. Next to ADNOC, other partners in the Concession are ENI (25%), Wintershall Dea (10%) and OMV (5%). The project is expected to produce over 40 million cu m per day of natural gas and 120,000 barrels per day of crude oil & gas condensate.

In addition to the Ghasha Concession agreement between LUKOIL and ADNOC, a tripartite framework Agreement on future cooperation in relation to the Ghasha concession was signed between LUKOIL, ADNOC and the Russian Direct Investment Fund (RDIF, sovereign fund of the Russia).

"The development of the Ghasha concession is the 1st LUKOIL project in the UAE and we are pleased to partner with ADNOC and cooperate with RDIF in this project. LUKOIL has extensive experience in offshore fields, both independently and in consortia with other major international companies. We are glad to enter the project in the UAE with such a significant resource base and with such experienced partners. Joining this project is fully consistent with our strategy", Vagit Alekperov said.

"We are very pleased to partner with LUKOIL on this crucial project, which also marks the 1st time that we partner with a Russian energy company across our full value chain. We are also pleased to have agreed a strategic framework agreement with LUKOIL and RDIF that builds on the award and offers potential for collaboration in relation to the Ghasha concession. The concession award, as well as the framework agreement, reflect the strong and strategic bilateral ties between the UAE and Russia and highlight the important role of energy cooperation in strengthening the relations between our 2 countries", Ahmed Al Jaber noted.

"LUKOIL joins our other value-add partners on the Ghasha concession, which is integral to our objective of enabling gas-self sufficiency for the UAE. The transaction is consistent with ADNOC's targeted approach to engage with strategic partners that contribute the right combination of best-in-class expertise and advanced technology, market access or capital to unlock maximum value from Abu Dhabi's resources for our mutual benefit while delivering the greatest possible returns to the UAE", ADNOC CEO said.

"The large-scale project to develop the Ghasha Concession opens up great investment opportunities for RDIF and LUKOIL. The agreement with ADNOC reflects a high level of energy cooperation with the UAE and confidence in the expertise of partners from the Russian Federation to help develop one of the major natural resources projects in the Middle East," - Kirill Dmitriev, CEO of RDIF said.