Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (Adnoc) on Sunday announced that it has awarded French oil and gas major Total a 40% stake in Ruwais Diyab unconventional gas concession.
The deal will help in boosting the emirate’s gas production and raising its target to 1 billion cubic feet a day of unconventional gas output by 2030, Adnoc said said in a statement.
“We work toward achieving gas self-sufficiency for the UAE, and transition to having the capacity to become a net gas exporter,” Sultan Al Jaber, CEO of Adnoc, said.
Under the agreement, Total will explore, appraise and develop the Ruwais Diyab Unconventional Gas Concession, and the exploration and appraisal phase will take between six to seven years to be followed by a 40-year production term.
“Our partnership with Total will enable us to deliver the maximum value from our unconventional gas reserves as we work towards achieving gas self-sufficiency for the UAE,” Al Jaber added.
Adnoc retains the remaining 60% stake in the concession, according to the statement.
It is worth noting that Abu Dhabi holds around 6% of global crude reserves and it produces most of the GCC country’s oil.
“We look forward to working with ADNOC to unlock AbuDhabi’s unconventional gas reserves and to fully realizing the potential of the new concession area,” Patrick Jean Pouyanné, chairman and CEO of Total, said.
Adnoc and Total have joined forces in a slew of various offshore and onshore exploration and production projects. In March, the French oil and gas firm was awarded a 20% interest in the offshore Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession.
