Ashurst advises OMV on a billion-dollar acquisition

Ashurst advised OMV, the international integrated oil and gas company based in Vienna, on its USD1.5bn acquisition of a 20 per cent participating interest in the two concessions for the offshore oil fields Umm Lulu and Sateh Al Razboot (SARB) (with the satellite fields Bin Nasher and Al Bateel) and associated infrastructure in Abu Dhabi, United Arab Emirates.

The completion of OMV’s acquisition means that OMV will join existing concession partners, Abu Dhabi National Oil Company (ADNOC) and Cia Espanola de Petroleos SA (CEPSA) who respectively hold participating interests of 60 per cent and 20 per cent and concludes the award of licenses to a number of international companies for stakes in Abu Dhabi’s latest offshore concession.

The Ashurst team was led by oil and gas partner Renad Younes, assisted by senior associate Grant Batten and associate Johanna Armstrong.