Total Gets Interests in Two Abu Dhabi Offshore Concessions for $1.45 Billion
March 19 2018 - 2:58AM
Dow Jones News
By Marc Bisbal Arias
Total SA (FP.FR) said Monday that it has secured two new
offshore concessions with the Supreme Petroleum Council of the
Emirate of Abu Dhabi and the Abu Dhabi National Oil Co., or ADNOC,
for $1.45 billion.
The French oil-and-gas company said that it has signed two new
40-year concession agreements, by which it gets a 20% interest in
the new Umm Shaif and Nasr concession and a 5% interest in the
Lower Zakum concession. These interests add 80,000 barrels of oil a
day in production for Total this year, it said.
"Umm Shaif and Lower Zakum are two of the major fields
offshore," Total said. They account for about 20% of Abu Dhabi
production.
Total's partnership with Abu Dhabi and ADNOC dates back to 1939,
it said.
Additionally, and as part of this partnership, the company has
extended its concession with ADNOC in the offshore Abu Al Bu Koosh
field for three more years. The field is operated by Total with a
100% interest.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
March 19, 2018 02:43 ET (06:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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