Austria’s OMV announced on 30 May that it has exited its position in a high profile gas development in Abu Dhabi. “OMV signed and closed an agreement to divest its 5% stake in the Ghasha concession, located in the United Arab Emirates, to Lukoil Gulf Upstream L.L.C.,” the firm says, adding that “The overall cash consideration amounts to $594mn less $100mn transaction fee.”

The transaction means that Russia’s Lukoil has now doubled its holdings in Ghasha to 10%, where it works alongside Adnoc (70%), Eni (10%), and PTTEP (10%). (CONTINUED - 235 WORDS)

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