Total Confident of Renewed Partnership for Abu Dhabi Oil Concession
Total SA is “confident” it will continue to be a partner with Abu Dhabi in developing the Persian Gulf emirate’s oil reserves after its current production concession expires, an official at the French company said.
“We are confident that the track record of the relationship between Total and Abu Dhabi will continue with a renewed partnership after 2014,” Jean Luc Guiziou, Total’s vice president for production in the Middle East, told reporters on the sidelines of a conference today. “We are confident we will be one of the strategic partners” developing Abu Dhabi’s crude, he said.
Abu Dhabi, the capital and largest sheikhdom of the United Arab Emirates, is seeking to boost crude production capacity to 3.5 million barrels a day by 2018. State companies partner with international companies in fuel-producing concessions to develop on- and offshore oil and gas deposits.
The French producer and other international partners have the concession for pumping crude from six onshore fields through the Abu Dhabi Company for Onshore Oil Operations.
The state-run oil producer owns 60 percent of Adco, as the partnership is known, with Total, Royal Dutch Shell Plc, Exxon Mobil Corp., BP Plc and Partex holding the rest. Adco will raise its sustainable production capacity to 1.8 million barrels a day starting in 2017 from about 1.4 million barrels a day, General Manager Abdul Munim Saif al-Kindy said Feb. 9.
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