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Economy

France's Total wins major oil concessions in Abu Dhabi

media The Louvre Abu Dhabi, where the deal was signed REUTERS/Satish Kumar

French oil giant Total on Sunday signed a deal with Abu Dhabi's National Oil Corporation (ADNOC) for stakes in two offshore oil concessions worth a total of 1.2 billion euros.

Total now holds a fifth of the Umm Shaif and Nasr concession and five percent of the Lower Zakum concession, together worth some 5.3 billion dirhams (1.2 billion euros), ADNOC said in a press release.

The concessions are effective from 9 March for 40 years, the statement said.

The signing took place at the Louvre Abu Dhabi, which President Emmanuel Macron inaugurated last November.

Abu Dhabi, which is home to most of the Unitd Arab Emirates' vast oil reserves, is currently awarding new oil concessions, as previous agreements have either expired or will run out this month.

It has already granted concessions to ExxonMobil, BP, Shell, Japan's INPEX, China's CNPC, Spanish Cepsa and a state-owned Indian consortium led by ONGC Videsh.

The new concessions have been offered at nearly half the duration of the old concessions, with ADNOC taking the majority stake in the projects.

Ten percent shares in both fields have yet to be attributed.

ADNOC aims to increase its oil production capacity from 3.2 million barrels per day to 3.5 million by the end of 2018.

In 2015 Total became the first foreign company to win a share in Abu Dhabi's new offer with a 10 percent concession in its onshore operations, which produce more than have of the UAE's oil.

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