UAE's ADNOC awards stake in gas concession to Total

UAE's Abu Dhabi National Oil Company (ADNOC) on Sunday awarded a 40 percent stake in the Ruwais Diyab unconventional gas concession to French oil major Total.

Under the terms of the agreement, Total will explore, appraise and develop the concession area’s unconventional gas resources in a six to seven-year exploration and appraisal phase, which will then be followed by a 40-year production term, the state-run oil giant said in a statement.

ADNOC, which is targeting one billion cubic feet per day of unconventional gas production before 2030, will retain a 60 percent stake in the gas concession.

In March, Total was awarded a 20 percent interest in the offshore Umm Shaif and Nasr concession and a five percent interest in the Lower Zakum concession.