French energy firm Total has been awarded stakes in two of Abu Dhabi’s new offshore oil concessions.
Abu Dhabi National Oil Company (Adnoc) awarded the French firm a 20 per cent stake in the Umm Shaif and Nasr concession, and a 5 per cent interest in the Lower Zakum concession. The concession agreements are for a period of 40 years.
Total paid a participation fee of AED4.2bn ($1.15bn) to enter the Umm Shaif and Nasr concession, and a AED1.1bn fee for the Lower Zakum stake.
Total is the fifth international company to be awarded a new offshore concession as part of the fragmentation of the Adnoc Offshore blocks, which were formerly known as the Adma-Opco concession.
Two went to Asian groups – an Indian consortium led by the overseas arm of state-owned Oil & Natural Gas Corporation (ONGC) Videsh – and a subsidiary of Japan’s Inpex, an existing stakeholder in the concession.
The third was awarded to Spain’s Cepsa, owned by Abu Dhabi’s Mubadala Investment Company. Italy’s Eni was the fourth when it was awarded a 10 per cent stake in Umm Shaif and Nasr fields plus 5 per cent stake in Lower Zakum deposit.
|Concession||Adnoc share||Partner share||Target production|
|Lower Zakum||60 per cent||10 per cent – ONGC Videsh-led consortium10 per cent – Inpex Corporation|
5 per cent – Eni
5 per cent - Total10 per cent – to be announced
|Umm Shaif & Nasr||60 per cent||10 per cent- Eni|
20 per cent - Total10 per cent – to be announced
|460,000 b/d||500 million cfd|
|Sarb & Umm Lulu||60 per cent||20 per cent – Cepsa20 per cent – to be announced||215,000 b/d||na|
|b/d=Barrels a day; cfd=Cubic feet a day; na=not applicableSource: Adnoc|
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