MOSCOW, May 30. /TASS/. OMV sold its 5% stake in the Ghasha oil and gas project in Abu Dhabi to Russian oil major Lukoil for $594 mln, the Austrian company said in a statement.

"OMV signed and closed an agreement to transfer its 5% stake in the Ghasha concession, located in the United Arab Emirates, to Lukoil Gulf Upstream L.L.C. S.P.C. The total cash consideration is $594 million, net of a transaction fee of $100 million," the statement said.

Lukoil already owned a 5% stake in the project, which it acquired in October 2019 for $214 million. As a result, its total stake in the field now amounts to 10%.

In autumn of 2023, the Abu Dhabi National Oil Company (ADNOC) made a final investment decision on the project to develop the Hail and Ghasha fields, which are part of the Ghasha concession.

The Ghasha concession was awarded in November 2018 for 40 years to develop previously undeveloped deposits in nine offshore oil and gas fields in the Persian Gulf in Abu Dhabi. The water depth within the fields is up to 24 m, the distance to the shore is about 40 km.

The main shareholder is ADNOC, which owns 55%. Italy's Eni owns 25% of the project, while Thailand's PTT Exploration and Production Public Company Limited (PTTEP) holds10%. Lukoil has increased its stake in the project to 10%.