ADNOC and Total sign New ADCO Concession Agreement
Abu Dhabi National Oil Company
Dubai - WAM
The Abu Dhabi National Oil Company, ADNOC, and Total yesterday signed the new 40-year ADCO Concession Agreement for the ADCO onshore oil fields in the Emirate of Abu Dhabi.
In its press statement received by the Emirates News Agency, WAM, ADNOC said that by this agreement, Total, which presented the best technical and commercial offers, receives a 10% participating interest in the new concession and is appointed Asset Leader for the South East and Bu Hasa integrated Asset Groups, with effect from 1st January 2015, while additional companies will be added soon.
Abu Dhabi Company for Onshore Petroleum Operations Limited (ADCO) will continue to operate the integrated asset groups of Bab, Bu Hasa, South East (Sahil, Asab, Shah, Qusahwira, Mender) and Northeast Bab (Al Dabb'iya, Rumaitha, Shanayel).
ADCO plans to reach 1.8 million barrels a day production in 2017.
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