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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Earlier:

2018, November, 5, 11:50:00 ADNOC'S CAPEX $132 BLN MEOG - ADNOC plans $132bn Capex until 2023, gas self-sufficiency and oil production capacity of 4mn bpd in 2020

2018, October, 10, 07:30:00 BHGE ACCURES 5% IN ADNOC: $11 BLN BHGE - BHGE will acquire a five percent stake in ADNOC Drilling. The transaction values ADNOC Drilling at approximately $11 billion.

2018, June, 27, 11:00:00 TOTAL: GAS DEMAND UP REUTERS - French oil and gas company Total SA expects the global natural gas market to grow far faster than that for crude oil over the next two decades thanks to booming demand for the cleaner-burning fuel in Asia, an outlook that underpinned Total’s recent big investments in the space, Chief Executive Patrick Pouyanne said.

2018, March, 23, 08:00:00 ADNOC - CNPC AGREEMENT: $1.175 BLN AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).

2018, March, 21, 12:05:00 ADNOC - TOTAL AGREEMENT: $1.45 BLN AOG - Total contributed a participation fee of $1.15bn to enter the Umm Shaif and Nasr concession and a fee of $300mn to enter the Lower Zakum concession. Both concessions are operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of all concession partners.

2018, February, 16, 23:20:00 ADNOC INVESTMENT $109 BLN AOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company’s ICV contribution and strengthening its relationship with the UAE’s private sector.

2018, January, 19, 12:10:00 ADNOC'S 2030 STRATEGY AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.