Lukoil increases its stake in Hail & Ghasha to 10%

Lukoil Oil Company has acquired an additional 5% in the strategic Hail & Ghasha gas project offshore Abu Dhabi from Austria's OMV for $594 million. Lukoil now owns 10% of the project. Concession Hail & Ghasha was awarded in 2018 for 40 years to develop previously undeveloped deposits within nine offshore oil and gas fields (Hail, Ghasha, Khair-Dalma, Sata, Bu Khasir, Nasr, SARB, Shuwayhat and Mubarrah) in the Persian Gulf.