Russia's Lukoil, the Russian Direct Investment Fund and Abu Dhabi National Oil Company (ADNOC) signed an agreement on cooperation during the visit of Russian President Vladimir Putin to the United Arab Emirates
MOSCOW (Pakistan Point News / Sputnik - 15th October, 2019) Russia's Lukoil, the Russian Direct Investment Fund and Abu Dhabi National Oil Company (ADNOC) signed an agreement on cooperation during the visit of Russian President Vladimir Putin to the United Arab Emirates.In addition, Lukoil and ADNOC signed a concession agreement on Ghasha oil field.
RDIF, for its part, signed an agreement with Mubadala Development Company on artificial intelligence projects and other programs.
Meanwhile, Russia's Gazprom Neft and ADNOC signed a framework agreement on strategic partnership.
Lukoil also purchased five percent in the Ghasha concession from the ADNOC.
"Today in Abu Dhabi (UAE), as part of the state visit of Vladimir Putin, the President of the Russian Federation, Accession to the Ghasha Concession Agreement with a 5% share was signed by Vagit Alekperov, President of PJSC LUKOIL, and His Excellency Dr. Sultan Ahmed Al Jaber, Group CEO of the Abu Dhabi National Oil Company (ADNOC)," RDIF said.
The Ghasha gas concession includes nine previously unexplored offshore oil and gas fields in the Persian Gulf to the west of Abu Dhabi. The other foreign companies involved in the concession's development are Italian Eni (25 percent), German Wintershall (10 percent), and Austrian OMV (five percent). The expected daily production volumes include 40 million cubic meters (almost a billion and a half cubic feet) of gas and 120,000 barrels of oil.
