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The national oil company of Abu Dhabi (ADNOC) awarded France a total of 40% of Ruwais Diyab's unconventional gas concession.
approved plans last week to invest $ 132 billion in improving oil and gas production and announced potential discoveries of 15 trillion cubic feet of gas.
Read: The ADNOC of Abu Dhabi plans to increase oil production to a level below $ 132 billion
Under the terms, Total will explore and will evaluate the field for seven years, then develop it for a 40-year production.
"Total and ADNOC have agreed on commercial terms that will allow the project to generate maximum value. of our unconventional gas reserves as we work toward self-sufficiency in gas for the UAE and the transition to the ability to become a net exporter of gas, "said the ADNOC Chair, Sultan Ahmed Al Jaber. [19659002] "We have attracted a lot of interest from other potential partners who want to partner with other unconventional oil and gas concession areas we are considering. Discussions are progressing with these multiple stakeholders and we will make other announcements in due course. "
Total also holds 20% of the capital of the Umm Shaif and Nasr offshore concession in Abu Dhabi and 5% of the Lower Zakum. Concession.
Read: Abu Dhabi awards offshore oil concessions to France for a total amount of $ 1.45 billion
The ADNOC gas strategy aims to add resources to help the UAE become self-sufficient in gas and become a gas exporter. Read: ADNOC awards a contract worth 3.16 billion dirhams for a gas project
The company targets one billion cubic feet per day of unconventional gas production before 2030 .
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