ADNAC signed an agreement with France Total for unconventional gas concession
An important step towards producing one billion cubic feet a day
Monday – 4 months Spring of the first 1440 H – 12 November 2018 AD Edition number [
Sultan Al Jaber and Patrick Bouillon after signing the agreement («The Middle East»)
Dubai: «Middle East»
Abu Dhabi National Oil Company (ADNOC) has signed a concession agreement with France Total to win a 40 per cent share in Al-Tiab gas concession in Ruwais, near the capital of the European Union, to explore, evaluate and develop resources. Gas unacceptable.
The ADNOC Group will maintain a 60 per cent share in the strategic concession, described as an important step towards producing 1 billion cubic feet per day from unconventional gas resources by 2030.
The agreement was signed by Dr. Sultan Al Jaber, Minister of State, ADNOC Chief Executive and Company Group, and Patrick Boyanet, Chairman and Chief Executive Officer Total, the first of the type in the region for non-traditional resources. Inspection and assessment phase for 6 to 7 years of age following a 40 year production phase.
"This agreement is in line with leadership directives to ensure energy security, improve value, increase economic forms of hydrocarbon resources, and are an important step in the development of gas resources in Abu Dhabi, United Arab Emirates.
"Total is one of the oldest and most ADNOC international partners. It has been operating in the oil and gas sector in Abu Dhabi since 1939. Through our agreement, we will be able to maximize the value of unconventional reserves. Supporting our efforts to achieve gas self sufficiency in the Arab Emirates with the potential to become a source. We have also received great interest from new partners who are looking to participate in other areas of oil concessions and non-traditional gas in Abu Dhabi. Discussions with them are underway and the results will be announced in due course. "
The partnership between ADNOC and Total covers different areas of the industry, including the exploration, development and production of oil and gas from offshore and land fields, as well as refining, processing and shipping. In March, ADNOC made a concession agreement with Total, who received 20 per cent of the Um Al Sheef and Nasr concession and 5 per cent of the Zakum Is concession.
"This agreement reinforces our long-term strategic relationship in a well-known country and region," said Patrick Puyane. "We are committed to supporting the United Arab Emirates to implement its ambition to develop this huge uncomfortable gas resource and to maximize its value. Al Tiab Gas Basin has the potential to compete with North American shaft gas basins, so it's a great knowledge of our audit portfolio. "
The publication follows the adoption of the Supreme Petroleum Council of the comprehensive ADNOC gas strategy that will enable the United Arab Emirates to achieve gas self sufficiency with future export potential. As well as the development of Al-Tiab's non-conventional gas basin in the Ruwais area, ADNOC will promote and optimize the extensive, gas and Dalha gasma projects in Abu Dhabi, as well as a number of natural gas ponds. This will continue to be evaluated and developed as the company follows its audit activities.