Total will take a 10% stake in 15 onshore oilfields in Abu Dhabi.
French oil major Total S.A. announced Thursday that it has signed a new 40-year onshore concession agreement with the government of Abu Dhabi and Abu Dhabi National Oil Company (ADNOC). The concession is for a 10-percent participating interest in 15 onshore oilfields in Abu Dhabi.
The new concession will be operated by the Abu Dhabi Company for Onshore Petroleum Operations Limited (ADCO), a new company in which Total will be a 10-percent shareholder. Total has also been appointed asset leader for the Bu Hasa and Southeast (Sahil, Asab, Shah, Qusahwira and Mender fields) fields, which represent about two-thirds of ADCO's production.
In 2015, ADCO's expected production is for approximately 1.6 million barrels of oil per day, with an objective to increase output to 1.8 million bopd from 2017.
Total CEO Patrick Pouyanné commented in a company statement:
"Total's entry into the new ADCO concession is a major milestone in the history of the Group’s 75-year partnership with the Emirate of Abu Dhabi. We are committed to bringing our most advanced technological expertise to unlock the full production potential of Abu Dhabi's onshore fields and therefore contribute to the development of additional reserves over the next 40 years.
"Total is honored to be the first international oil company to be chosen by the government of Abu Dhabi and ADNOC to participate in this new onshore concession and to be entrusted with the mission of technical leader on two major groups of fields."
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