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French Total holds 40% of the concession in the Al Thayab gas basin in Ruwais, Abu Dhabi
Abu Dhabi, Nov. 11 (Xinhua) – The Abu Dhabi-based national oil company (ADNOC), on behalf of the Abu Dhabi government, signed on Sunday a concession agreement with the French company Total to acquire 40% Exploring, evaluating and developing unconventional gas resources, according to the Emirates News Agency (WAM).
The ADNOC Group holds 60% of this strategic franchise, which is an important step in the production of one billion cubic feet of unconventional gas resources by 2030.
The agreement was signed at ADNOC's Tamamah Oil Reservoir Research Center by Sultan bin Ahmed Al Jaber, Minister of State and General Manager of ADNOC and its group of companies, and Patrick Boyan , President and CEO of Total.
It is the first of its kind in the region for non-traditional resources and includes an exploration and appraisal phase of six to seven years followed by a 40-year production phase. .
"Total is one of the largest and oldest international partners of ADNOC and has been operating in the oil and gas sector in Abu Dhabi since 1939. With our agreement, we will be able to maximize the value Non-gas reserves, which supports our efforts to achieve gas self-sufficiency in the UAE with the potential to become a source. "
"We have received a lot of interest from new partners wishing to participate in other areas of non-traditional oil and gas concessions in Abu Dhabi, and discussions with them are progressing significantly and their results will be announced in time. "
"We are excited to be the first international non-traditional gas exploration company to work alongside ADNOC in Abu Dhabi.This agreement reinforces our long-term strategic relationship in one country and one region. deemed ", said the CEO of Total.
"We are committed to helping the UAE implement their ambitions to develop this important unconventional gas resource and maximize its value, especially as the Thayab Gas Basin has the potential to compete. with the North American Rock Basin, so it's a great addition to our exploration portfolio. "
The partnership between ADNOC and Total covers the different areas and aspects of the industry, including exploration, development and production of oil and gas from offshore and onshore fields, as well as refining, processing and processing. shipping.
In March, ADNOC signed a concession agreement with Total, covering 20% of the Um El Sheef & Nasr concession and 5% of the Zakum concession.
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