Total has signed a new 40-year onshore concession agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi (United Arab Emirates) and the Abu Dhabi National Oil Co. (ADNOC), granting Total a 10% participating interest effective Jan. 1, 2015, according to a press release. The concession covers the 15 principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.
The new concession will be operated by the Abu Dhabi Co. for Onshore Petroleum Operations Ltd. (ADCO), a new operating company in which Total will be a 10% shareholder. Total also has 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 MMbbl/d of oil, with an objective to increase output to 1.8 MMbbl/d from 2017.
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