Adnoc has awarded a 20% stake in its offshore Sarb & Umm Lulu concession to Cepsa – a 100% owned subsidiary of state-firm Mubadala. The award could see Spain become the first buyer of Abu Dhabi’s planned Umm Lulu crude grade.

Cepsa paid Dh5.5bn ($1.5bn) to secure a 20% stake in the smallest of the three concessions set to replace the offshore Adma concession upon its 8 March expiry. The move greatly increases the Abu Dhabi state-owned Cepsa’s upstream presence in the...