Total enters into two new 40 year concessions with ADNOC

Total has extended its commitment to the Abu Dhabi by entering into two new 40 year concessions with ADNOC for USD1.45 billion. This follows the deal last week between Eni and ADNOC. Total has been granted a 5% interest in Lower Zakum and 20% interest in the new Umm, Shaif & Nasr concession. Total notes that the access cost equates to USD1/boe of reserves. Comparison of transactions Total Eni Lower Zakum 5% 5% Uum, Shaif & Nasr 20% 10% Price Paid USD1.45 billion USD875 million ...

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Eni enters the Emirates

Eni has made its first move into the Emirates with entry into various fields in Abu Dhabi. It has paid ADNOC USD875 million to acquire a 40-year licence on: 5% in Lower Zakum offshore oil field 10% in Umm, Shaif and Nasr offshore oil, condensate and gas fields The fields require further investment with combined gross production from the fields targeting 910mbopd. Once at plateau, the fields will contribute material production and generate significant cash flow. Eni press release below Eni signed today in Abu Dhabi two Concession Agreements...

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