Total takes 40% in Abu Dhabi gas block
Abu Dhabi SONY DSC
The agreement was announced by ADNOC on Sunday, with the state-owned company saying it would hold the remaining 60% stake.
The deal includes a six- to seven-year exploration and appraisal phase, followed by a 40-year production term. Its value was not disclosed.
Ruwais Diyab is a large unconventional gas block covering 6,000 square kilometres and situated west of the main ADNOC Onshore concession.
The deal comes as the UAE is pushing to increase its production of unconventional gas, and is expected to help ADNOC reach its targeted output of 28.3 mcm (1 bcf) per day of unconventional gas by 2030.
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