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Lukoil eyes to acquire 5% in UAE's offshore gas project

Oil&Gas Materials 24 July 2019 16:38

Baku, Azerbaijan, July 24

By Sara Israfilbayova – Trend:

Russian oil production giant Lukoil plans to acquire a 5-percent stake in the offshore gas project Ghasha in the UAE that is currently held by UAE’s ADNOC (Abu Dhabi National Oil Company), Lukoil Chief Executive Officer Vagit Alekperov told reporters, Trend reports via TASS news agency.

"I hope we will sign [the document] on entry by 5 percent in September-October," Alekperov said, adding that this will most probably take place in October. "The active final part of negotiations is underway," he noted.

It was reported earlier that Lukoil considers the option of entering the Ghasha offshore gas concession in the UAE. The term of the concession is 40 years and it comprises Hail, Ghasha, Dalma and other offshore fields in the Al Dhafra area.

Italy's Eni (25 percent), Germany's Wintershall (10 percent), and Austria's OMV (5 percent) are parties to the concession.

LUKOIL-Azerbaijan operates in the country since 1993. The company manages 58 filling stations and an oil depot. This helped LUKOIL to become a reliable supplier of diesel fuel and gasoline, as well as lubricants to international and Azerbaijani companies operating in the local market.

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