Majors Have Another Year To Forget In The Middle East

Total’s securing a 10% stake in the UAE’s Adco concession in January 2015 ensured it was the big winner among the majors operating in the Gulf, overtaking Shell in terms of net output. Its average liquids production from the region of 351,000 b/d was just 47,000 b/d behind ExxonMobil (see graph 1).

Of the original Adco concession partners – Total, BP, Shell, ExxonMobil (9.5% each) and Partex (2%) – Total is the only one currently involved in Adco (see p18).

BP’s MENA liquids output surged by 36% in 2015 on the back of a more than doubling to 133,000 b/d in its net share of output from Iraq’s Rumaila (see graph 2 and MEES, 11 March). But even this has not fully offset its lost Adco production with the firm’s regional output still down on 2013 levels.


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