Lukoil makes inroads in UAE with Ghasha stake

Russia's Lukoil has taken a 5% stake from Abu Dhabi National Oil Company (Adnoc) in the emirate's Ghasha offshore sour gas concession.

Lukoil has paid 697.3 million dirhams ($190 million) to land the minority stake, which puts it in the coveted concession alongside 55% operator Adnoc and Italian major Eni on 25%, Germany’s Wintershall Dea on 10% and OMV of Austria on 5%.