The state oil company of the energy-rich capital of the United Arab Emirates says it has signed a deal worth $1.45 billion with French oil giant Total SA granting it stakes in offshore fields.
Eni's Nigerian subsidiary, Nigerian Agip Oil Company said the signing was attended by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the UAE Armed Forces, the Italian Prime Minister, Paolo Gentiloni, Dr Sultan Ahmed Al Jaber, Abu Dhabi National Oil Company, (ADNOC), Group Chief Executive Officer, and Eni's Chief Executive Officer, Claudio Descalzi.
Total, which produced approximately 2.5 million b/d in 2017, is the largest worldwide oil company to agree terms with Abu Dhabi so far.
In addition to huge oil reserves and the potential to grow oil production beyond 450,000 barrels per day - including Nasr, the present production being at around 300,000 barrels per day - Umm Shaif also contains a giant gas-cap, which is to be developed in the scope of the concession with a gas production target of 500 mmscfd, Total said. While the U.A.E.is curbing output in an effort by about two dozen nations to clear a global glut, the sheikhdom of Abu Dhabi plans to raise capacity to 3.5 million barrels a day by the end of the year. The new interests will provide Total with additional production of 80,000 barrels of oil per day. Total joins Italy's Eni SpA in both the Lower Zakum and the Umm Shaif and Nasr blocks.
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Total contributed a participation fee of AED4.2 billion, about USD1.15 billion, to enter the Umm Shaif and Nasr concession and a fee of AED1.1 billion, or USD300 million, to enter the Lower Zakum concession. More bidders are also sought for the other two new concessions after the split of ADMA-OPCO. The remaining 10% of the concession is still to be awarded. Of the legacy ADMA partners, Inpex and now Total have retained stakes. Chinese state oil companies are also widely tipped by sources to secure stakes.
For his part, Patrick Pouyanne indicated that the agreements mark a new chapter in Total's long and successful partnership with Abu Dhabi and ADNOC.
Speaking at the signing ceremony, ADNOC CERO indicated that the agreements fall within the leadership's directives which aims to benefit from Total's experience and knowledge of Abu Dhabi's offshore oil and gas fields, as well as specialist expertise and technology that will help accelerate the development of the Umm Shaif gas cap.
Al Jaber said the latest agreements with Total marked an important step to further strengthen value-adding partnership with one of the world's largest integrated upstream and downstream companies.
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The gas cap overlays an oil rim which, in combination with the Nasr field, has a crude production capacity of 460,000 b/d.
The twin concessions will be operated by Adnoc Offshore on behalf of all partners.
Condensate will also be refined for use as a petrochemicals feedstock, ADNOC said.
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