Has signed a new 40-year onshore concession agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi
Granting Total a 10% participating interest effective January 1, 2015. The concession covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirates production.The new concession will be operated by the Abu Dhabi Company for Onshore Petroleum Operations Limited (ADCO), a new operating company in which Total will be a 10% shareholder. Total has also been appointed Asset Leader for the Bu Hasa and Southeast (Sahil, Asab, Shah, Qusahwira and Mender fields) fields, which represent about two-thirds of ADCOs production.
In 2015, ADCOs expected production is around 1.6 million barrels of oil per day (Mb/d), with an objective to increase output to 1.8 Mb/d from 2017.