Offshore staff
VIENNA, Austria – The full production start-up of the ADNOC-operated Umm Lulu and SARB (Satah Al Razboot) fields offshore Abu Dhabi shows an initial capacity of 50,000 b/d, according to partner OMV.
This should increase to 129,000 b/d by year-end and 215,000 b/d by 2023.
In April, OMV was assigned a 20% stake in the offshore concession Abu Dhabi – SARB (including the satellite fields Bin Nasher and Al Bateel) and associated infrastructure, after agreeing to pay a participation fee of $1.5 billion.
The duration of the contract is 40 years.
SARB and Umm Lulu, respectively 120 km (74 mi) and 30 km (18.6 mi) offshore Abu Dhabi, are both in shallow waters. Early production from Umm Lulu started in 4Q 2016.
OMV’s share of the reserves for the period of the concession agreement amounts to around 450 MMbbl of oil from the two main fields, with upside potential from Bin Nasher and Al Bateel.
Its capex over the contract term should be around $2 billion, with around $150 million to be spent annually during the first five years.
10/01/2018
