Austria's OMV signs $1.5B deal for stakes in Abu Dhabi oil

DUBAI, United Arab Emirates — Austria's OMV has signed a deal worth $1.5 billion for a 20 percent stake in two offshore concessions in the United Arab Emirates' capital, Abu Dhabi.

The oil and gas company, which is based in Vienna and is part-owned by a subsidiary of Abu Dhabi's Mubadala Investment Company, signed the 40-year-deal on Sunday with The Abu Dhabi National Oil Company (ADNOC) for a stake in the SARB and Umm Lulu fields.

The two fields produce 215,000 barrels of oil per day. Three other major oil fields that are majority-owned by ADNOC produce 910,000 barrels a day.

Since the start of the year, ADNOC has signed several concessions for stakes in its oil fields worth nearly $8 billion, including with China's state-run petroleum company and France's Total, among others.

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