TTE TotalEnergies SE

   By Christopher Alessi 
 

ABU DHABI--The Abu Dhabi National Oil Co. said Sunday it has signed an agreement to grant French energy giant Total SA (FP.FR) a minority stake in an unconventional gas concession.

As part of the deal, Total will take control of 40% of the Ruwais Diyab Unconventional Gas Concession, including a six-to-seven-year exploration and appraisal period followed by a 40-year production term, Adnoc said.

State-run Adnoc is the largest oil-and-gas producer in the United Arab Emirates.

"Total and Adnoc have agreed on commercial terms that will enable the project to deliver maximum value from our unconventional gas reserves as we work towards achieving gas self-sufficiency for the U.A.E., and transition to having the capacity to become a net gas exporter," Adnoc Chief Executive Sultan Ahmed Al Jaber said in a statement.

Adnoc earlier this month announced new discoveries of natural gas that will enable the group to sustain production of liquefied natural gas up to 2040. The new gas discoveries, totaling 15 trillion standard cubic feet, will allow the U.A.E. to become gas self-sufficient and potentially a net exporter of gas, Adnoc said.

Adnoc currently produces roughly 10.5 billion cubic feet of raw gas a day.

Write to Christopher Alessi at christopher.alessi@wsj.com

(END) Dow Jones Newswires

November 11, 2018 05:50 ET (10:50 GMT)

TotalEnergies (EU:TTE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024

TotalEnergies (EU:TTE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024