ADNOC signs agreement granting Total a 40% stake in Ruwais Diyab concession
12 November, 2018
UAE state-owned oil and gas giant ADNOC has signed a deal with Total, granting the French supermajor a 40% interest in the Ruwais Diyab unconventional gas concession.
Under the terms of the agreement, Total will explore, appraise and develop the concession area’s unconventional gas resources.
The agreement is an important milestone for ADNOC as it aims to reach 1bn cubic feet per day of unconventional gas production before 2030.
The agreement includes a six to seven-year exploration and appraisal phase which will then be followed by a 40-year production term.
It was signed by His Excellency Dr Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and Patrick Pouyanné, CEO and Chairman of Total.
The historic unconventionals concession award is the first of its kind in the region.