PJSC LukOil LUKOIL ENTERS THE GHASHA PROJECT IN THE UAE (8897P)
October 15 2019 - 10:30AM
UK Regulatory
TIDMLKOD
RNS Number : 8897P
PJSC LukOil
15 October 2019
LUKOIL ENTERS THE GHASHA PROJECT FOR THE EXTRACTION
OF HYDROCARBONS IN THE UAE
Today in Abu Dhabi (UAE), as part of the state visit of Vladimir
Putin, the President of the Russian Federation, Accession to the
Ghasha Concession Agreement with a 5% share was signed by Vagit
Alekperov, President of PJSC LUKOIL, and His Excellency Dr. Sultan
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 and 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 cubic meters per day of natural gas and 120,000 barrels per
day of crude oil and gas condensate.
In addition to the Ghasha Concession agreement between PJSC
LUKOIL and ADNOC, a tripartite framework Agreement on future
cooperation in relation to the Ghasha concession was signed between
PJSC LUKOIL, ADNOC and the Russian Direct Investment Fund (RDIF,
sovereign fund of the Russian Federation).
"The development of the Ghasha concession is the first 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, President of PJSC LUKOIL,
said.
"We are very pleased to partner with LUKOIL on this crucial
project, which also marks the first 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 two countries. 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", - Dr. Sultan Ahmed Al Jaber, Group CEO of ADNOC
noted.
"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
the Russian Direct Investment Fund (RDIF), said.
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END
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