From Yahoo Finance: 2025-06-02 07:11:00

Romania’s OMV sells 5% stake in Ghasha concession to Lukoil for $594m, increasing Lukoil’s total stake to 10%. The Ghasha project in the Persian Gulf stands to benefit from this deal. The concession, with water depths up to 24m, is a key part of ADNOC’s gas masterplan for UAE self-sufficiency.

ADNOC retains a 55% interest in the Ghasha project, with Eni and PTTEP as other stakeholders. The concession encompasses nine offshore fields, including major gas and condensate projects. Estimated production capacity exceeds 40 million cubic meters of gas and 120,000 barrels of oil and gas condensate per day, meeting over 20% of UAE’s domestic gas demand.

OMV’s expertise in sour gas treatment secured a work program in the Ghasha area. In May 2025, OMV Petrom signed a gas supply agreement with Moldova to provide a quarter of its annual gas needs, reducing reliance on Russian gas. This move enhances Moldova’s energy independence.

The sale of OMV’s stake in the Ghasha concession was reported by Offshore Technology. This transaction marks a significant development in the energy sector, with implications for the strategic landscape of the Persian Gulf region.

Read more: OMV divests 5% stake in Ghasha concession for $594m