UAE's ADNOC awards Total stakes in two offshore concessions | ZAWYA MENA Edition:
"Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed 40-year agreements with France's Total, awarding the company a 20 percent stake in the Umm Shaif and Nasr concession and a 5 percent interest in the Lower Zakum concession. Total has contributed a participation fee of 4.2 billion dirhams ($1.15 billion) for the Umm Shaif and Nasr concession and a fee of 1.1 billion dirhams ($300 million) for the Lower Zakum concession, ADNOC said in a statement. The agreements were signed by Sultan al Jaber, group chief executive of ADNOC and Patrick Pouyanne, chairman & CEO of Total. The agreements have a term of 40 years and are backdated to March 9, 2018, ADNOC said."
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