Total: two new concession agreements with Abu Dhabi
(CercleFinance.com) - Total has announced signing two new concession agreements with the Supreme Petroleum Council representing the government of the Emirate of Abu Dhabi and the national company Abu Dhabi National Oil Company (ADNOC).
Under these agreements, Total obtains a 20% interest in the new Umm Shaif & Nasr concession and a 5% interest in the Lower Zakum concession, effective as of 9 March 2018, in return for the payment of a global bonus of 1.45 billion dollars, representing a cost of access to reserves of around 1 dollar per barrel. These holdings will bring Total a production of 80,000 barrels a day in 2018.
Umm Shaif and Lower Zakum are two of the main offshore fields and account for nearly 20% of Abu Dhabi's production.
“These agreements represent another major milestone in our long-standing partnership with Abu Dhabi and ADNOC that dates back to 1939. Following the signing of the ADNOC Onshore concession in 2015, they confirm our commitment to ADNOC for the next 40 years,” said Patrick Pouyanné, Chairman and CEO of Total.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Under these agreements, Total obtains a 20% interest in the new Umm Shaif & Nasr concession and a 5% interest in the Lower Zakum concession, effective as of 9 March 2018, in return for the payment of a global bonus of 1.45 billion dollars, representing a cost of access to reserves of around 1 dollar per barrel. These holdings will bring Total a production of 80,000 barrels a day in 2018.
Umm Shaif and Lower Zakum are two of the main offshore fields and account for nearly 20% of Abu Dhabi's production.
“These agreements represent another major milestone in our long-standing partnership with Abu Dhabi and ADNOC that dates back to 1939. Following the signing of the ADNOC Onshore concession in 2015, they confirm our commitment to ADNOC for the next 40 years,” said Patrick Pouyanné, Chairman and CEO of Total.
Copyright (c) 2018 CercleFinance.com. All rights reserved.