Total Gets Interests in Two Abu Dhabi Offshore Concessions for $1.45 Billion

   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 [e-mail]

(END) Dow Jones Newswires

March 19, 2018 02:43 ET (06:43 GMT)

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