Sunday , October 24 2021

Al – Riyad Gazeta ADNOC signs a concession agreement with the Total gas field


ADNOC signs a concession agreement with the Total gas field

Abu Dhabi National Oil Company (ADNOC) has signed a concession agreement with the French company Total to acquire a 40% interest in the non-traditional Al-Thiab gas concession in Ruwais to investigate, evaluate and develop non-traditional gas resources, ADNOC group will retain 60% of this strategic concession , which is an important step towards the extraction of 1 billion cubic meters of unconventional gas supplies by 2030.

The contract was signed by dr. Sultan Ahmed Al-Jabber, Minister of United Arab Emirates and General Director of ADNOC and its Group of Companies, and Patrick Puyane, President and General Director of Total.

It is the first of its kind in the region for non-traditional resources and covers six to seven years of exploration and evaluation phase, followed by a 40-year production stage.

"This agreement is in line with management directives to ensure energy security, increase value and increase return on investment in hydrocarbon resources, which is an important step in the development of Abu Dhabi gas resources, while pursuing our strategic goal of providing sustainable economic resources ", said Dr. Sultan Al Jaber. Gas in the United Arab Emirates. "

"Total is one of the oldest and largest international partners of ADNOC, has been operating in the oil and gas sector in Abu Dhabi since 1939. Thanks to our agreement with them, we will be able to maximize the value of unconventional gas deposits," We received a lot of attention from new partners who want to participate in other areas of non-traditional oil and gas concessions in Abu Dhabi, and talks with them are progressing and their results will be announced in due time. "

He added that ADNOC is continuing its efforts to expand its knowledge and experience in the exploration and development of non-traditional gas resources in Abu Dhabi, which will increase drilling and hydraulic fracture efficiency, and maximize the potential value of non-traditional resources with many challenges compared to fields oil. And gigantic conventional gas in the Emirate of Abu Dhabi.

The ADNOC and Total partnership covers various areas and aspects of this industry, including exploration, development and production of oil and gas from land and sea, as well as refining, processing and shipping. In March, ADNOC concluded a concession agreement with Total, which received 20% of Umm Al Shaif and Nasr license and 5% of the Lower Zakum concession.

"We are pleased that we are the first international, non-traditional gas exploration company that works with ADNOC in Abu Dhabi, and this agreement strengthens long-term strategic relations in a known country and region, a large unconventional gas resource and its maximum value, especially since the Thayab Basin has the potential to compete with North American shale gas reservoirs, which is why it is a unique addition to our exploration portfolio. "

The announcement is in line with the adoption by the Supreme Oil Council of the new comprehensive gas strategy ADNOC, which will allow the UAE to achieve self-sufficiency of gas with the possibility of future export. In addition to the development of the non-traditional Al-Ruwais gas reservoir in the Ruwais area, ADNOC will work to maximize and maximize the value of the gigantic Al Hilal, Gasha and Dalma gas and gas liquefaction plants in Abu Dhabi. They will continue to be evaluated and developed when the company conducts exploration activities.

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