|By Arabian Post Staff| French energy firm Total has secured 40 percent stake in aa major gas concession of Abu Dhabi National Oil Company (Adnoc). Under the terms of the agreement, Total will explore, appraise and develop the resources at the Ruwais Diyab Unconventional Gas Concession.
Adnoc said the award is “an important milestone to reach the target of 1 billion cubic feet per day (bcfd) of unconventional gas production before 2030.” The Abu Dhabi energy firm retains a 60 percent stake in the concession.The agreement includes a six to seven-year exploration and appraisal phase which will then be followed by a 40-year production term.
“Total is Adnoc’s largest and one of its longest international partners, having been active in Abu Dhabi’s oil and gas sector since 1939,” said Sultan Al-Jaber, Adnoc Group CEO. “This concession agreement marks an important and historic milestone in the development of Abu Dhabi’s gas resources, as we deliver our strategic commitment to ensure a sustainable and economical gas supply.Total and Adnoc have agreed on commercial terms that will enable the project to deliver maximum value from our unconventional gas reserves as we work toward achieving gas self-sufficiency, for the UAE, and transition to having the capacity to become a net gas exporter.”
Al-Jaber said Adnoc had received “significant interest” from other potential partners wanting to join other unconventional oil and gas concession areas, and that the company is “considering” such requests.“Discussions are progressing with these multiple interested parties, and we will make further announcements in due course,” he said.
Also published on Medium.
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