Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) has signed a 40-year AED 5.3 billion ($1.45 billion) agreements with Total, awarding the French energy giant stakes in two of Abu Dhabi’s new offshore concessions, according to a company statement released on Sunday.  

Under the agreements, the state-owned oil giant  awarded Total a 20% interest in the Umm Shaif and Nasr concession for a participation fee of AED 4.2 billion ($1.15 billion); and a 5% interest in the Lower Zakum concession, for a participation fee of AED 1.1 billion ($300 million).  

“For over 75 years Total has partnered with Abu Dhabi in the development of our oil and gas resources and has closely collaborated with ADNOC across various stages of our value chain,” ADNOC Group’s CEO Sultan Ahmed Al Jaber said.

ADNOC Offshore, a subsidiary of ADNOC, will operate both concessions on behalf of all partners, the state-owned company revealed.

“These agreements ensure Total secures long-term access to significant and competitive hydrocarbon resources that we already know very well,” Total’s chairman Patrick Pouyanné commented.