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France’s Total became the first of the oil majors competing for a stake in the UAE’s 1.6mn b/d onshore oil concession to snag a slice of the prized acreage, pipping Shell and BP to the post. The latter two majors are still in the running but have yet to sign on the dotted line, with Abu Dhabi holding out for top dollar from the eight remaining contenders.
Total said on 29 January that it had signed a new, 40-year onshore concession agreement with the Supreme Petroleum Council of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC), granting Total a 10% participating interest effective 1 January, 2015. The concession covers the 15 principal onshore oil fields of the UAE capital, and represents more than half of the emirate’s production. MEES estimates current production by the UAE at 2.8mn b/d. (CONTINUED - 780 WORDS)