Abu Dhabi National Oil Company (Adnoc) on Sunday said it entered a major offshore concession agreement. awarding the French energy company Total a 20 per cent interest in the Umm Shaif and Nasr concessions and a 5 per cent interest in the Lower Zakum concession.
In a tweet. Adnoc said Total paid a participation fee of Dh5.3 billion for the concession. Both concessions will be operated by Adnoc Offshore. a subsidiary of Adnoc.
Total is the fifth energy company to enter offshore concession after Indian consortium. led by ONGC Videsh. Japan’s Inpex. Spain’s Cespa and Italy’s Eni. who were awarded similar contracts recently.
Italy’s multinational oil and gas company. Eni. won stakes in two of Abu Dhabi’s offshore concession areas with 10 per cent interest in the Umm Shaif and Nasr concession and a 5 per cent interest in the Lower Zakum concession last week.
Eni contributed a participation fee of Dh2.1 billion to enter the Umm Shaif and Nasr concession and a fee of Dh1.1 billion to enter the Lower Zakum concession.