Adnoc and OMV plan offshore exploration

Austrian oil producer OMV and Abu Dhabi National Oil Co ( Adnoc) are set to sign a partnership deal later this month to produce oil from offshore fields in the Gulf, according to people with knowledge of thematter.

The agreement will be signed in Abu Dhabi after months of negotiations, the people said. AnAdnocmedia official and anOMV spokesman declined to comment.

Adnoc, which produces almost all of the UAE’s oil, has been awarding new concessions to foreign investors to gain access to technology and finance and to secure markets for its crude. The remaining interest left to be awarded is 20 per cent of the Umm Lulu and Sateh Al Razboot oilfields in the Gulf.

In February, Spain’s Cia Espanola de Petroleos SA agreed to pay $ 1.5 billion ( Dh5.5 billion) for a 20 per cent stake in development rights for the same fields.

OMV, which has increased cooperation with Russia’s Gazprom in recent years, is starting to look beyond Russia to “balance out our portfolio,” CEO Rainer Seele has said.