Total's got a big concession to operate the oil fields of Abu Dhabi
January 30, 2015
Total Corporation received a major concession to operate the oil fields of Abu Dhabi (United Arab Emirates). This was announced today the leadership of French energy company in its communiqué. Obtaining concessions preceded by long difficult negotiations during which France is seeking permission for an extension of the previous 75-year permit to operate the bowels of the emirate.
The new concession, issued on the 40-year period, provides for the participation in the activities of Total in oil production at the level of 10%, higher than the previous conditions of the concession, with its 9.5% stake. This is an operation of 15 major oil fields of the emirate. According to Total, average production this year should reach 1.6 million barrels per day, with a further increase to 1.8 million barrels a day. This is more than half of the overall level of daily oil emirate.
Total Guide emphasizes the fact that the French company was the first, with which Abu Dhabi resumed concession. And it happened in a highly multi-year competition from other oil-producing corporations. The previous agreement with the emirate's foreign corporations provide for their participation in the development of fields on the basis of equal share of 9.5% for the French Total, American Exxon, British-Dutch Shell and British BP. The share of Portuguese Partex was thus 2% of the emirate's oil corporation, l'ADNOC possessed share of 60%.
According to the materials of ITAR-TASS
January 29, 2015
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