Total signs new 40-year concession agreements with Abu Dhabi SPC, ADNOC
Total has signed two new 40-year concession agreements with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company. In the frame of these agreements, Total is granted a 20% participating interest in the new Umm Shaif & Nasr concession and 5% in the Lower Zakum concession, effective March 9th, 2018, for a total participation fee of $1.45B, which represents an access cost of around $1 per barrel of reserves. These interests bring to Total a production of 80,000 barrels of oil per day in 2018. Total has also extended its concession with ADNOC in the offshore Abu Al Bu Koosh field, operated by Total with a 100% interest, for three more years. This field produces approximately 10,000 barrels per day.