Total wins 40% stake in Adnoc gas concession
abu dhabi — Abu Dhabi National Oil Company (Adnoc) granted Total a 40 per cent stake in an unconventional gas concession to help boost the emirate’s production.
Total will explore, appraise and develop the Ruwais Diyab unconventional gas concession, according to an Adnoc statement. The project will help Adnoc reach its target of one billion cubic feet a day of unconventional gas output by 2030, it said. The agreement includes a six to seven-year exploration and appraisal phase, which will then be followed by a 40-year production term, according to the statement. Adnoc retains a 60 per cent stake in the concession.
“We work toward achieving gas self-sufficiency, for the UAE, and transition to having the capacity to become a net gas exporter,” Adnoc CEO Dr Sultan bin Ahmad Sultan Al Jaber said. Adnoc has received “significant interest from other potential partners wanting to join other unconventional oil and gas concession areas that we are considering,” Al Jaber said.
“Discussions are progressing with these multiple interested parties, and we would make further announcements in due course.”
Total works with Adnoc on various projects. In March, it was awarded a 20 per cent interest in the offshore Umm Shaif and Nasr concession and a 5 per cent interest in the Lower Zakum concession.
“The Diyab play has the potential to be a high impact play ranking alongside the most prolific North American shale gas plays,” Total chief executive Patrick Pouyanne said, according to the statement. —