Austria’s OMV is paying $1.5bn for 20% of Sarb & Umm Lulu, taking Abu Dhabi’s total for signing bonuses for the three ex-Adma concessions to $7.7bn.

Abu Dhabi’s offshore concession bonanza has finally concluded, with Austria’s OMV finalizing its 20% stake in the Sarb & Umm Lulu concession earlier this week. The agreement amounts to a formality since OMV had already confirmed its entrance into the concession earlier last month (MEES, 6 April), but the $1.5bn...