ADNOC Signs Agreement to Achieve Gas Self-Sufficiency

Media In Abu Dhabi, 26 November 2018 (WAM)
Abu Dhabi National Oil Company (ADNOC), on behalf of the Government of Abu Dhabi, has signed a concession agreement with Wintershall Holding GmbH, under which the latter acquired a 10% stake in the Gasha concession.
The concession area includes the fields of “Hail”, “Gasha” and “Dalma”, in addition to other fields of sour gas, including “Nasr” and “Serbs” and “Mabarz”.
According to the terms of the agreement, Wintershall will bear 10% of the capital, operating and development expenses of the project.
Wintershall, the largest German firm for the production of crude oil and natural gas and wholly owned by BASF, the world’s largest chemical company by sales, is joining ADNOC’s partners in this project along with Italy’s Eni, 25% in the “Gasha” concession under an agreement signed earlier this month.
The agreement with Wintershall is the first participation of a German oil and gas company in a Abu Dhabi concession and is in line with ADNOC’s strategic partnership expansion and diversification program.
Dr. Sultan Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies, said, “In line with the leadership’s directives to expand strategic partnerships and develop and optimize hydrocarbon resources to ensure energy supplies to support economic growth, Gasha is a strategic priority for ADNOC, where the gas will contribute to the provision of sustainable economic supplies of gas to meet local needs and achieve the goal of self-sufficiency of gas.
The Gasha franchise is expected to produce enough gas to meet the needs of more than 2 million homes. As the project is completed, it will also produce more than 120,000 barrels of oil and high-value condensate daily.