Total awarded 10% in the new 40-year ADCO concession
PARIS -- Total has signed a new 40-year onshore concession agreement that covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.
The agreement has been signed 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 Jan. 1, 2015.
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 MMbopd, with an objective to increase output to 1.8 MMbopd from 2017.
