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Project Insights

Lukoil’s Ghasha stake boosts UAE’s sour gas plans

The arrival of the Russian company completes the tendering process for the concession and is positive for the UAE’s plans to commercialise its technically challenging offshore reserves The arrival of the Russian company completes the tendering process for the concession and is positive for the UAE’s plans to commercialise its technically challenging offshore reserves.
By James Gavin 16 October 2019 Middle East & Africa / Exploration & Production 0 34683
Russian President Vladimir Putin (left) with Abu Dhabi's crown prince, Mohammed bin Zayed Al Nahyan. (PA)

The entry of Russia’s Lukoil into the Ghasha concession in the United Arab Emirates is a positive step for the country, which has a long-term strategy of attracting globally diverse partners to take equity interests in its largest oil and gas developments.

Lukoil’s purchase of a 5% stake was first mooted in July. The acquisition completes a process that will result in IOCs taking 40% of a development that operator Abu Dhabi National Oil Co. (ADNOC) hopes will produce 40 million cubic metres per day (MMcm/d)...