Romania’s OMV has concluded the sale of its 5% stake in the Ghasha concession to Lukoil Gulf Upstream for $594m (2.63bn lei).
This deal elevates Lukoil’s total stake in the Abu Dhabi-based field to 10% following its initial acquisition in 2019.
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The Ghasha project, an offshore development in the Persian Gulf, is set to benefit from Lukoil’s increased involvement.
With water depths reaching up to 24m and situated approximately 40km from the shore, the Ghasha concession holds strategic importance in the region.
ADNOC, the primary shareholder, retains a 55% interest in the project. The concession is an important part of ADNOC’s integrated gas masterplan and a key enabler of gas self-sufficiency for the United Arab Emirates (UAE).
Other stakeholders include Italy’s Eni with a 25% share and Thailand’s PTTEP with 10%.
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By GlobalDataThe Ghasha concession, awarded in November 2018 for a 40-year period, encompasses the development of nine offshore fields.
It consists of three major gas and condensate development projects, Hail, Ghasha and Dalma, as well as other offshore oil, gas and condensate fields including Nasr, SARB and Mubarraz.
The estimated production capacity exceeds 40 million cubic metres of gas and 120,000 barrels of oil and gas condensate per day.
Gas from the fields is expected to meet more than 20% of domestic demand in the UAE.
OMV’s expertise in the treatment of sour gas allowed it to secure a four-year seismic, drilling and engineering work programme in 2016. It was intended to explore and appraise oil and gas fields in the North-West Offshore Abu Dhabi area, which includes the Ghasha and Hail blocks.
In May 2025, OMV Petrom secured an important gas supply agreement with Moldova, providing a quarter of its annual gas needs. This agreement is a step towards enhancing Moldova’s energy independence, reducing its reliance on Russian gas supplies.
