Total has purchased stakes in two concessions offshore Abu Dhabi for USD 1.45 billion, the super-major announced on Sunday.

Total enters Abu Dhabi concessions

Abu Dhabi

PARIS, March 19, 2018 – Total has purchased stakes in two concessions offshore Abu Dhabi for USD 1.45 billion, the super-major announced on Sunday.

Total has received a 20% interest in the Umm Shaif & Nasr concession and a 5% stake in the Lower Zakum concession, where Eni bought in days ago. The purchase will increase Total’s output by 80,000 bopd this year, the company statement added.

“These agreements represent another major milestone in our long-standing partnership with Abu Dhabi and ADNOC that dates back to 1939,” said Patrick Pouyanné, Total’s CEO and chairman. “Following the signing of the ADNOC Onshore concession in 2015, they confirm our commitment to ADNOC for the next 40 years.”