$1.5bn Offshore concession agreement signed by OMV and ADNOC
The oil and gas company based in Vienna, OMV, signed a deal with the Abu Dhabi National Oil Company (ADNOC) for a 20% stake in two offshore oil field concessions.
The Austrian firm has been awarded stakes in the SARB (including the Bin Nasher and Al Bateel satellite fields) and Umm Lulu concessions, along with associated infrastructure.
The US$1.5bn deal has been agreed to last for 40 years, becoming reactively effective on 9 March 2018.
The SARB field is located 120km from UAE’s capital city, with first oil expected to be produced this year.
Production began on the Umm Lulu field, which is approximately 30km from Abu Dhabi, at the end of 2016.
“OMV is establishing a material position as an oil producer in the UAE and is delighted to further build on its existing partnership with ADNOC and Abu Dhabi,” stated Dr. Rainer Seele, CEO and Chairman of the OMV Executive Board.
“The offshore concession award is an important milestone in OMV’s delivery on strategy 2025, as we expand our footprint in one of the world’s leading oil and gas hubs.”
“We are confident that our technological expertise will contribute to value creation and profitable growth, for all partners involved.”
“This agreement between OMV and ADNOC is a great success for both companies allowing them to further foster their successful business partnership,” commented His Excellency Sebastian Kurz, the Chancellor of the Federal Republic of Austria.
“This is also beneficial for Austria one of the main shareholders in OMV,” he added.
“The agreement will also make an important contribution to the further strengthening of our bilateral relations with the United Arab Emirates.”
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."