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Saturday, 14 January 2017

Total in deal-making mode could add to Abu Dhabi shareholding | The National

Total in deal-making mode could add to Abu Dhabi shareholding | The National:

"Total has started to pursue deals more aggressively as oil prices stabilise and could acquire more assets in Abu Dhabi, including an increased stake in its onshore oil concession.

"We had two years where we were under constraint because of the oil price," said Patrick Pouyann√©, Total’s chief executive an interview with The National. "We are now out of this period and have more margin to manoeuvre."


The French oil major was the first to take a stake in the new Abu Dhabi Company for Onshore Oil Operations (Adco) concession at the beginning of 2015, when it paid US$2.2 billion for a 10 per cent stake and lead on two of the biggest oilfields, even as it led a wave of industry-wide cost-cutting amid slumping oil prices."



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