Energy
Total Wins 40 Per Cent Stake in Abu Dhabi’s Adnoc Gas Concession
Abu Dhabi National Oil Co. granted Total SA a 40 percent stake in an unconventional gas concession to help boost the emirate’s production.
Total will explore, appraise and develop the Ruwais Diyab Unconventional Gas Concession, according to an Adnoc statement. The project will help Adnoc reach its target of 1 billion cubic feet a day of unconventional gas output by 2030, it said.
The agreement includes a six to seven-year exploration and appraisal phase, which will then be followed by a 40-year production term, according to the statement. Adnoc retains a 60 percent stake in the concession.
“We work toward achieving gas self-sufficiency, for the U.A.E., and transition to having the capacity to become a net gas exporter,” Adnoc Chief Executive Officer Sultan Al Jaber said.
Abu Dhabi, the largest sheikhdom in the United Arab Emirates, holds about 6 percent of global crude reserves and produces most of the country’s oil. State producer Adnoc is seeking new partners and selling stakes in some assets as it brings international capital and expertise to the country.
‘Potential Partners’
Adnoc has received “significant interest from other potential partners wanting to join other unconventional oil and gas concession areas that we are considering,” Al Jaber said. “Discussions are progressing with these multiple interested parties, and we would make further announcements in due course.”
Total works with Adnoc on various projects, including offshore and onshore exploration and production. In March, the company was awarded a 20 percent interest in the offshore Umm Shaif and Nasr concession and a 5 percent interest in the Lower Zakum concession.
“The Diyab play has the potential to be a high impact play ranking alongside the most prolific North American shale gas plays,” Total CEO Patrick Pouyanne said, according to the statement.
-
Economy2 months agoOMIFCO IPO: Price, Dividends, Subscription Dates and Listing – Here’s Everything You Need to Know
-
Magazines2 months agoOER May 2026 Edition: The Digital Copy
-
News1 month agoINVESTIGATION: Why Nokia Could Matter More in the Quantum Age Than It Ever Did in Mobile
-
Investment1 month agoWhy Are Tech Stocks Rising Again – And Is It Too Late To Invest In Them?
-
News1 month agoINVESTIGATION: Is AI in a Bubble? Inside the Trillion-Dollar Question Reshaping Global Markets
-
Magazines2 months agoSignature Oman: May 2026 Edition
-
Banking & Finance1 month agoSohar Islamic Launches Exclusive Infinite Credit Card for HNWIs in Oman
-
Economy1 month agoOMIFCO Successfully Completes Bookbuilding & Sets Final IPO Offer Price

You must be logged in to post a comment Login