Wintershall Dea has exited Abu Dhabi’s Ghasha concession by divesting its 10% participating stake to Thailand-based PTT Exploration and Production Public (PTTEP) for an undisclosed price.

According to Wintershall Dea, all the necessary closing conditions for the deal such as regulatory approvals, have been met.

The Ghasha concession encompasses nine fields, which include Hail, Ghasha, Dalma, and others, that contain natural gas, crude oil, and condensate reservoirs. These reserves are said to rank among the largest that are yet to be developed in the UAE.

Situated offshore in western Abu Dhabi, the Ghasha concession is poised to generate over 1,500 million standard cubic feet per day (MMSCFD) of gas by the end of 2030. Additionally, the project targets the capture of 1.5 million metric tons per annum (MMtpa) of carbon dioxide, with an aim to operate with net zero emissions.

Last October, ADNOC took a final investment decision on the Hail and Ghasha Offshore Development project. ADNOC, which holds a 55% stake in the concession, is partnered with Eni (25%), OMV (5%), Lukoil (5%), and now PTTEP in the project.

For Wintershall Dea, the sale of stake is part of larger company changes. It follows the signing of a merger deal with Harbour Energy by the company’s shareholders BASF and LetterOne in December 2023.

Wintershall Dea’s stake in the Ghasha concession is not included in the deal with Harbour Energy.

The German oil and gas firm stated: “As a result of the transaction, Wintershall Dea intends to close its office in Abu Dhabi and all operations in the country. The termination of its operations in the country will be made in compliance with all contractual and legal regulations.”

PTTEP said that the investment in Ghasha concession will immediately add to its petroleum reserves. The Thai company also holds a participating interest in the exploration concessions Offshore Blocks 1, 2 and 3 which are in proximity to the Ghasha Concession Area.

PTTEP CEO Montri Rawanchaikul said: “The acquisition of the Ghasha Concession, a significant natural gas field, marks an important step in strengthening PTTEP’s Middle East investment portfolio.

“Additionally, the proximity of the concession location will pave the way for further collaboration among the joint venture partners that will be beneficial to the project achievement.”