Austrian oil and gas company OMV said on Thursday that it had started oil production in the Umm Lulu and Satah Al Razboot (SARB) fields, located in the United Arab Emirates' emirate of Abu Dhabi.
MOSCOW (Pakistan Point News / Sputnik - 27th September, 2018) Austrian oil and gas company OMV said on Thursday that it had started oil production in the Umm Lulu and Satah Al Razboot (SARB) fields, located in the United Arab Emirates' emirate of Abu Dhabi.
"The production start-up of the Umm Lulu and SARB (Satah Al Razboot) fields shows an initial capacity of 50,000 barrels per day (10,000 barrels per day net to OMV), which will increase to 129,000 barrels per day (25,800 barrels per day net to OMV) by the end of 2018 and 215,000 barrels per day (43,000 barrels per day net to OMV) by 2023," OMV's press release read.
In April, OMV signed an offshore concession agreement with the Abu Dhabi National Oil Company and received a 20 percent stake in the offshore concessions of SARB and Umm Lulu.
According to OMV, its share of reserves would amount to around 450 million barrels of oil until the concession expires in 2048.
