TOTAL & ADNOC: 40%
PLATTS - Abu Dhabi's state-owned oil company, ADNOC, said Sunday it signed a deal with Total, granting the French major a 40% stake in the Ruwais Diyab unconventional gas concession.
The agreement follows an announcement from ADNOC earlier this month outlining the company's plans to become a net gas exporter, with 15 Tcf of new gas finds.
The company is targeting an unconventional gas production rate of 1 Bcf/d by the end of 2030, both to supply the domestic market and also to support ADNOC's growth strategy in the LNG market.
ADNOC said it will retain the remaining 60% of the Ruwais Diyab concession. Included in the deal is an initial exploration and appraisal phase lasting six to seven years, following by a 40-year production term.
"The Diyab play has the potential to be a high impact play ranking alongside the most prolific North American shale gas plays and is an excellent addition to our exploration portfolio," Total CEO Patrick Pouyanne said in a statement.
Total already operates in the UAE. In March, it was awarded by ADNOC a 20% stake in the offshore Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession for a total of $1.45 billion.
Other projects that are to be developed under ADNOC's gas strategy are the Hail, Ghasha and Dalma projects.
ADNOC also recently raised its oil output targets to 4 million b/d by the end of this decade and to 5 million b/d by 2030, citing new oil discoveries.
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