Öbag extends contract Abu Dhabi thru 2030

Austria and the Arab Emirate of Abu Dhabi have extended their syndicate agreement for a domestic oil and gas group until 10 years. The two partners have been working together now for 25 years and following the virtual signing ceremony, they will continue to do so for the next decade at least. Öbag holds 31.5 percent of the shares in the project, while Mubadala holds 24.9 percent.

The operational cooperation between the domestic group and the Abu Dhabi National Oil Company (Adnoc) is also to be intensified. The two companies are already involved in a number of exploration and petrochemical projects as partners.