The Largest Oil & Energy Job Board

Total inks new 40-year concession with ADNOC onshore Abu Dhabi

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 per cent participating interest effective January 1, 2015

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

The concession covers the 15 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,” said Patrick Pouyanné, chief executive officer of Total. “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.”

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 per cent 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 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 per cent interest in the previous 75-year ADCO concession that expired on January 10, 2014.

In partnership with ADNOC, Total holds a 75 per cent stake and operates the Abu Al Bu Khoosh field and holds a 13.3 per cent stake in Abu Dhabi Marine (ADMA), which operates two offshore fields. Total also has a 15 per cent stake in Abu Dhabi Gas Industries (GASCO), a 5 per cent stake in Abu Dhabi Gas Liquefaction Company (ADGAS) and a 5 per cent stake in National Gas Shipping Company (NGSCO).

The group also owns 33.33 per cent of Ruwais Fertiliser Industries (FERTIL), which produces urea.

The group holds a 24.5 per cent 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 per cent 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.

NA
Copyright:
Oil and Gas Technology
Published on:
January 29, 2015
Source url:
http://www.oilandgastechnology.net/upstream-news/total-inks-new-40-year-concession-adnoc-onshore-abu-dhabi
Copyright © 2016, OilFinity. All Rights Reserved. Powered by Talenetic Job Board Software