Media ININ Economy We Trust
Media In – Abu Dhabi, March 18, 2018
Abu Dhabi National Oil Company (ADNOC) today signed two concession agreements with Total, the French company that recently acquired 20% of the Umm Al Sheef & Nasr concession and 5% of the Abu Dhabi Lower Zakum concession.
Total offered AED 4.2 billion – US $ 1.15 billion – participation in the “Umm Al Shaif and Nasr” concession and AED 1.1 billion – US $ 300 million – participation in the Lower Zakum concession managed by ADNOC Marine – one ADNOC Group Companies – on behalf of other partners.
The two agreements were signed by Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies and Patrick Boyan, Chairman and CEO of Total.
The signing ceremony was held at the Louvre Abu Dhabi Museum, which reflects the deep historical relations between the UAE and France in various fields, including political, economic, cultural and social. The two agreements are valid for a period of 40 years, starting from March 9, 2018.
“These agreements are in line with the directives of the wise leadership, which aims to benefit from the knowledge and experience of Total in the offshore oil and gas fields in the Emirate of Abu Dhabi and to employ advanced technology to contribute to the development of the huge gas cover in the Umm “ADNOC has recently concluded an appraisal well for this purpose and the results have been encouraging. This collaboration is part of ADNOC’s 2030 Smart Growth Strategy, which includes ensuring an economical and sustainable supply of gas, achieving additional value and increasing revenue. For the economic and profitability of our operations in all fields of exploration, development, production and others. “
