Law firm Ashurst LLP said it has advised Austria’s OMV AG on its deal to buy 20 per cent interest in two offshore concessions for US$1.5bn
The energy company bought concessions for the offshore oilfields Umm Lulu and Sateh Al Razboot located northwest of Abu Dhabi.
A concession is an exploration grant given by a government, usually in exchange for a bonus, license fee and royalty or a production sharing deal.
OMV partner with Abu Dhabi National Oil Company (ADNOC) and Spain’s Cia Espanola de Petroleos SA (CEPSA) who hold interests of 60 per cent and 20 per cent respectively.
The Ashurst team was led by oil and gas partner Renad Younes, assisted by senior associate Grant Batten and associate Johanna Armstrong.
"We are very pleased that we have been able to work with OMV on this transaction and to support them in their upstream strategic expansion plans once again. We enjoyed working on this interesting project with the OMV legal team, led by chief counsel upstream Marion Kaisinger and senior legal counsel Nese Acar-Nazli with support by Yelena Trukhacheva, from OMV's Abu Dhabi branch office," Renad said.
