ABU DHABI: TOTAL AWARDED 10% IN THE NEW 40-YEAR ADCO
CONCESSION
Total has signed a new 40-year onshore concession agreement
with the Supreme Petroleum Council of the Emirate of Abu Dhabi (United Arab
Emirates) and the Abu Dhabi National Oil Company (ADNOC), granting Total a 10%
participating interest effective January 1, 2015. The concession covers the
fifteen principal onshore oil fields of Abu Dhabi and represents more than half
of the Emirate’s production.”
Paris - Total has signed a new 40-year onshore concession
agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi
(United Arab Emirates) and the Abu Dhabi National Oil Company (ADNOC), granting
Total a 10% participating interest effective January 1, 2015. The concession
covers the fifteen principal onshore oil fields of Abu Dhabi and represents
more than half of the Emirate’s production.
"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,” outlined Patrick Pouyanné, Chief Executive Officer of Total.
“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".
The new concession will be operated by the Abu Dhabi Company
for Onshore Petroleum Operations Limited (ADCO), a new operating company in
which Total will be a 10% 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 around 1.6 million
barrels of oil per day (Mb/d), with an objective to increase output to 1.8 Mb/d
from 2017.
Total in the United Arab Emirates
Total has been present in the UAE since 1939 and has built a
strong presence, reflected by the size and diversity of its assets and
partnerships. The Group’s equity production in 2013 was 260,000 barrels of oil
equivalent per day (boe/d).
Total held a 9.5% interest in the previous 75-year ADCO
concession that expired on January 10, 2014.
In partnership with ADNOC, Total holds a 75% stake and
operates the Abu Al Bu Khoosh field and holds a 13.3% stake in Abu Dhabi Marine
(ADMA), which operates two offshore fields. Total also has a 15% stake in Abu
Dhabi Gas Industries (GASCO), a 5% stake in Abu Dhabi Gas Liquefaction Company
(ADGAS) and a 5% stake in National Gas Shipping Company (NGSCO). The Group also
owns 33.33% of Ruwais Fertilizer Industries (FERTIL), which produces urea.
The Group holds a 24.5% stake in Dolphin Energy Ltd. in
partnership with Mubadala, a company owned by the government of Abu Dhabi.
Total has also upgraded and increased the capacity of the Taweelah water
desalination and power plant which produces about 20% of Abu Dhabi’s water and
power requirements.
Total is a partner in the Shams project, the world's largest
concentrated solar power plant in operation (100 MW), inaugurated in 2013. In
addition, the Group is a leader in the manufacturing and marketing of the
entire range of automotive and industrial lubricants through its affiliate
Total Marketing Middle East.
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