10% in ADCO for 40 Years, a Success Story and Vote of Confidence
Total was the first company chosen by Abu Dhabi under the call for tenders issued in 2013, beating out fierce competition.
A new chapter in a longtime partnership. Total signed a 40-year agreement with the Supreme Petroleum Council, representing the government of Abu Dhabi (United Arab Emirates), and Abu Dhabi National Oil Company (ADNOC) that gives us, from January 1, 2015, a 10% interest in a new concession. The acreage emirate's main onshore fields and represents more than half of its production. The original 75-year concession, in which we had a 9.5% interest, had expired on January 10, 2014.
Recognition of our know-how. The deal makes Total the Asset Leader for fields that account for two-thirds of the new concession's long- term output. We see that as recognition of our technological expertise, our ability to manage large projects, our knowledge of local conditions and the quality of our longstanding relationship with Abu Dhabi. We will second personnel to ADCO, the operator, and give it access to our technologies, such as the enhanced oil recovery (EOR) processes needed to optimize the fields' operations.
A commitment to the future. ADCO's reserves stand at around 20 billion barrels of oil equivalent, for an equity share of around 2 billion barrels of oil equivalent for Total, securing us a long-term production base.
- We are targeting global production of 2.8 million barrels of oil equivalent per day by 2017.
- We are maintaining the life of our proved and probable reserves, currently more than 20 years.
"This new concession is a historic milestone in the relationship between Total and Abu Dhabi, which began in 1939. As the first company chosen to partner ADCO, we will continue to develop onshore fields in Abu Dhabi, a vital country for us and our future growth."
Stéphane Michel, President, Middle East/North Africa, Total Exploration & Production