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Abu Dhabi-state owned energy company ADNOC has awarded states in two offshore oil concessions to French oil giant Total. as the UAE looks to increase production.
Total has a fifth of the Umm Shaif and Nasr concession and five percent of the Lower Zakum concession.
Combined they are worth some 5.3 billion dirhams ($1.4 billion. 1.2 million euros). AFP reported.
Both 40 year conecessions began on 9 March and are operated by ADNOC Offshore.
The deal highlights the growing friendship between France and the UAE. who have strong economic. cultural and military ties.
France has a military base in Abu Dhabi and is a major seller of arms to the UAE.
The signing of the ADNOC-Total deal took place at the Louvre Abu Dhabi. the billion-euro French-Emirati project that is the first Louvre-branded museum outside of France.
Oil-rich Abu Dhabi is in the process of awarding new oil concessions. as previous agreements have either expired or will run out this month.
ExxonMobil. BP. Shell. Japan`s INPEX. China`s CNPC. Spanish Cepsa and a state-owned Indian consortium led by ONGC Videsh have already won conessions.
ADNOC is taking majority stake in the projects.
ADNOC aims to increase its oil production capacity from 3.2 million barrels per day to 3.5 million by the end of 2018.
Oil prices have risen in recent months after years of lows.
