OMV News, September 27, 2018 - 02:00 pm (CEST)
The production start-up of the Umm Lulu and SARB (Satah Al Razboot) fields shows an initial capacity of 50,000 barrels per day (10,000 barrels per day net to OMV), which will increase to 129,000 barrels per day (25,800 barrels per day net to OMV) by the end of 2018 and 215,000 barrels per day (43,000 barrels per day net to OMV) by 2023.
In April 2018 OMV, the international integrated oil and gas company based in Vienna, signed an agreement for the award of a 20% stake in the offshore concession Abu Dhabi – SARB (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure. The agreed participation fee amounted to USD 1.5 bn and the duration of the contract is 40 years.
The SARB field, 120 km away from Abu Dhabi, and the Umm Lulu field, about 30 km away from Abu Dhabi, are both located offshore in shallow waters. The early production in Umm Lulu started in the fourth quarter of 2016.
OMV’s share of the reserves, for the period of the concession agreement, would amount to approximately 450 mn barrels oil for the two main fields, with upside potentials from the satellite fields Bin Nasher and Al Bateel. OMV’s capital expenditures over the contract term are estimated to amount to approximately USD 2 bn, thereof approximately USD 150 mn will be spent per annum during the first five years.
OMV is producing and marketing oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio, with the North Sea, the Middle East & Africa and Russia as further core regions. 2017 daily production stood at approximately 348,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries as of year-end 2017. OMV runs gas storage facilities in Austria as well as in Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2017, gas sales volumes amounted to 113 TWh.