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Thailand’s PTT Exploration & Production (PTTEP) has acquired a 10% stake in the Ghasha offshore sour gas concession in Abu Dhabi.

State-owned PTTEP said it acquired the stake from German oil and gas producer Wintershall Dea.

Adnoc Group owns and operates the Ghasha concession, holding the majority 55% stake. Following the transaction, the other stakeholders in the asset are Italian energy major Eni with 25%, PTTEP Holding with 10%, and Austria’s OMV and Russia’s Lukoil, which each own 5%.

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The Ghasha concession consists of the Hail and Ghasha fields, along with the Hair Dalma, Satah, Bu Haseer, Nasr, Sarb, Shuwaihat and Mubarraz fields.

Adnoc expects total gas production from the concession to ramp up to more than 1.5 billion cubic feet a day (cf/d) before the end of the decade.

This target will be mainly achieved through the Hail and Ghasha sour gas development project.

In October last year, Adnoc and its partners awarded $16.94bn-worth of engineering, procurement and construction (EPC) contracts for its Hail and Ghasha megaproject – the biggest capital expenditure made by the Abu Dhabi energy giant on a single project in its history.

A consortium of NMDC Energy and Italian contractor Saipem won the $8.2bn offshore EPC package. The scope of work broadly involves EPC of offshore facilities, including facilities on artificial islands and subsea pipelines.

Italy-headquartered Tecnimont won the onshore EPC contract. The $8.74bn contract relates to the EPC of onshore facilities, including CO₂ and sulphur recovery and handling.

Prior to reaching the final investment decision on the Hail and Ghasha project last year, the Ghasha concession partners, led by Adnoc, awarded two EPC contracts worth $1.46bn in November 2021 to execute offshore and onshore EPC works on the Dalma gas development project.

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