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). (CONTINUED - 521 WORDS)