French integrated oil and gas company Total has signed agreements for a 20-year extension of its 15% participation in Abu Dhabi Gas Industries, alongside the Abu Dhabi National Oil Company, Shell and Partex.
According to the company, the agreements consolidate the commitment of Abu Dhabi Gas Industries’s (Gasco) shareholders to the company’s safe and efficient operations, as well as its goal to improve environmental performance through technical support and technology transfer.
By signing the agreements, Total has said that it will extend and further strengthen its co-operation with the Abu Dhabi National Oil Company and the emirate of Abu Dhabi.
Earlier, in the last week of February 2009, Total announced that it signed an agreement with Azerbaijan’s state-owned SOCAR. The exploration, development and production sharing agreement (EDPSA) covers a license on the Absheron offshore block. This block is located in the Caspian Sea, 100 kilometers from Baku, in a water depth of around 500 meters.
According Total, it will be the operator of the Absheron Block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations. Total will hold a 60% interest and SOCAR will hold a 40% interest.
