Tuesday 27 November 2018

- 10% stake in Ghasha Concession in Abu Dhabi

- Close partnership with ADNOC: 40 years term concession

- Investments running into the billions in the growth region in the Arabian Gulf

Wintershall will invest in one of the world’s most important centers for oil and gas production: The company will take a ten percent stake in the Ghasha Concession alongside the Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates. The Hail, Ghasha, Dalma and other ultra-sour gas and condensate fields such as Nasr, SARB and Mubarraz are located in the Al Dhafra region off the coast of the Emirate of Abu Dhabi.

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, as well as Mario Mehren, CEO of Wintershall, have now signed a concession agreement in the presence of Dr Martin Brudermüller, CEO of BASF. This marks the first time in Wintershall’s history that it is to produce gas and condensate in Abu Dhabi. The contracts to develop the deposits of natural resources have been awarded by the Abu Dhabi Government for a term of 40 years. ADNOC’s other project partner, alongside Wintershall, is the Italian oil and gas company ENI, with a 25 percent stake.

According to ADNOC’s planning, the project will start producing around the middle of the next decade. More than 40 million cubic meters of natural gas a day will then already be produced, enough to provide electricity to more than two million homes. Apart from sour and sweet gas, the reservoirs contain significant quantities of condensate. Once completed, the project will also produce over 120,000 barrels of oil and high value condensate per day.

Middle East to become a new focus region

Abu Dhabi is traditionally regarded as one of the world’s most important centers of oil and gas production. To actively start producing natural resources there is a logical strategic step for Wintershall. Expansion of the company’s own operations there means the Middle East will become a further key focus region alongside Europe, Russia, North Africa and South America.