Austria-headquartered oil and gas player OMV said that it has entered into a deal with Lukoil Gulf Upstream, a subsidiary of Russia’s Lukoil, to divest 5% of its stake in Ghasha Concession, a giant sour gas development off the coast of the United Arab Emirates (UAE) for a cash consideration of $594 million minus $100 million transaction fee.
Ghasha concession, said to be the world’s largest offshore sour gas development, is owned by a consortium led by Abu Dhabi National Oil Company (ADNOC), which holds a 55% stake. As OMV has opted to dispose of its interest, the list of other shareholders will now include Eni (25%), PTTEP (10%), and Lukoil (10%).
The concession comprises multiple projects, encompassing the Hail, Ghasha, Dalma, Nasr, Satah al Razboot (SARB), Bu Haseer, Shuweihat, and Mubarraz offshore sour gas fields. ADNOC made a final investment decision (FID) in 2023 and handed out a batch of contracts valued $16.9 billion for the Hail and Ghasha offshore gas development.
Gas Production
The Ghasha concession in Abu Dhabi, which includes the Hail and Ghasha, is expected to produce more than 1.5 billion standard cubic feet per day of gas by 2030.
The first steel for structures for the project was installed last year and the development will entail fully unmanned offshore facilities, aims to operate with net-zero carbon dioxide (CO2) emissions, supporting the UAE player’s net-zero by 2045 ambition.
This project is part of the Ghasha concession, a key component of ADNOC’s integrated gas masterplan and an important enabler of gas self-sufficiency for the United Arab Emirates, which is set to produce more than 1.5 billion standard cubic feet per day (bscfd) of gas before the end of the decade.
The Hail and Ghasha development design combine decarbonisation technologies into one integrated solution, aiming to capture 1.5 million tonnes per year (MTPA) of CO2, taking ADNOC’s committed investment for carbon capture capacity to almost 4 MTPA.
Ghada Ashour, who grew up in Gaza, becomes fifth scholar selected for FIA’s flagship scholarship initiative Dubai, UAE, 8th December, 2025: The FIA’s United Against Online Abuse (UAOA) Campaign has welcomed Ghada Ashour, a 24-year-old student from Palestine, to its flagship scholarship programme, created to empower the next generation of researchers in the fight against online abuse in sport. Ghada grew up in Gaza where she has been studying remotely until gaining her place on the UAOA scholarship, which brought her to Dublin City University (DCU), Ireland. Becoming the fifth scholar to join the scholarship, she was selected based on her interests in social media, and her strong passion for advancing insights in this area for the benefit of everyone participating in sport. Launched in 2023, the programme offers talented students and young professionals from diverse backgrounds the opportunity to engage in cutting-edge research on the impact, prevalence, and prevention of online abuse in sport with a focus on developing practical solutions. Funded by the FIA Foundation, the UAOA scholars have been selected to undertake invaluable research at DCU based on their project proposals, dedication to achieving positive social change, and their unique perspectives approaching this issue. Ghada’s thesis, which will be printed in English and translated into Arabic, will focus specifically on the …
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