Abu Dhabi discusses gas projects

03/02/2010 - Dubai Investment News
Abu Dhabi discusses gas projects
Posted by Bob Brunskill

The state-run Abu Dhabi National Oil Company has been in talks with the Austrian oil firm OMV about a range of gas projects in the emirate.

OMV is one of several companies jostling for position in the UAE in anticipation of new oil and gas concessions when existing deals expire, the Khaleej Times reported.

The firm is 20 per cent owned by the Abu Dhabi government through the emirate's investment unit the International Petroleum Investment Corporation.

Klaus Angerer, director of business development in the Middle East at OMV, said that the company had a number of ideas for projects in the region, adding: "We have learned how to squeeze out the last barrel from existing reservoirs and this is an experience which we want to apply wherever we are invited."

The Khaleej Times noted that the UAE's oil and gas concessions are split between an onshore unit, ADCO, whose concession expires in 2014 and an offshore unit, ADMA-OPCO, whose concession will expire in 2018.