Adnoc's Umm Lulu Grade On The Up

Austria’s OMV reported in its 4Q 2018 results that its net output from Abu Dhabi’s Sarb & Umm Lulu concession averaged 17,000 b/d. The firm has a 20% stake in the concession, implying that gross output was 85,000 b/d, up from just 15,000 b/d the previous quarter.

Crude from the concession (Adnoc 60%, OMV 20%, Cepsa 20%) comprises the new Umm Lulu crude grade (39°API, 0.7% sulfur) which is exported from Zirku Island. Spain’s Cepsa confirmed the start of exports in December, with volumes going to India. The partners aimed to reach 129,000 b/d by end-2018 and 215,000 b/d by 2023. (CONTINUED - 96 WORDS)