Russian private-sector firm Lukoil secured a 5% stake in Abu Dhabi’s 1.6bn cfd ultra-sour Ghasha concession on 15 October, agreeing to pay a $190mn signing bonus. The agreement is the first instance of a Russian firm operating in Abu Dhabi’s upstream – also a rare sight on the wider Arabian Peninsula.

It seems likely to also serve as a test-case to pave the way for further contract awards to Lukoil. (CONTINUED - 1293 WORDS)