Total expects that a visit by its CEO Christophe de Margerie and France’s President Francois Hollande to the UAE this week, will further its aim of gaining upstream concessions. At stake are the renewal of its equity in the consortium that operates Abu Dhabi’s biggest onshore oil fields, and a $10bn Bab ultra sour gas field that is up for grabs.
Mr Hollande attended an energy conference in Abu Dhabi and met with UAE President, Shaikh Khalifa bin Zayid Al Nahyan. A visit to the UAE by UK Prime Minister David Cameron in November 2012 helped secure BP’s invitation to prequalify to bid for the concession of Abu Dhabi Company for Onshore Oil Operations (ADCO) consortium – ADNOC 60%, BP 9.5%, ExxonMobil 9.5%, Total 9.5%, Shell 9.5% and Partex 2%. Its target is 1.8mn b/d of crude production capacity by 2017. ADCO’s concession expires on 11 January 2014. After the visit BP subsequently reinforced its ties with Abu Dhabi, signing a deal to allow state-owned TAQA to take a stake in BP’s North Sea operations. (CONTINUED - 349 WORDS)