Under the agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi (UAE) and ADNOC, Total will secure a 10% stake in the new concession.
The new concession, which will be operated by the Abu Dhabi Company for Onshore Petroleum Operations Limited (ADCO), covers 15 principal onshore oil fields and represents over half of the Emirate’s production.
ADCO is a new operating company in which Total will hold a 10% stake.
Total chief executive officer Patrick Pouyanné said: "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."
Additionally, Total will serve as asset leader for the Bu Hasa and Southeast fields, which account for around two-thirds of ADCO’s production.
Production from the fields is expected to reach 1.6 million barrels a day in 2015 and 1.8 million from 2017.
Image: Total will serve as asset leader for the Bu Hasa and Southeast fields. Photo: Courtesy of Total.
