Total Wins 40 Percent Stake in Abu Dhabi's Adnoc Gas Concession - Bloomberg

Total Wins 40 Percent Stake in Abu Dhabi's Adnoc Gas Concession - Bloomberg:

French oil giant Total SA won a 40 percent stake in an unconventional gas concession that will help boost Abu Dhabi’s production.

Total will explore, appraise and develop the Ruwais Diyab Unconventional Gas Concession, according to an statement from state energy producer Abu Dhabi National Oil Co. The project will help Adnoc reach its target of 1 billion cubic feet a day of unconventional gas output by 2030, it said.

The agreement includes a six to seven-year exploration and appraisal phase, which will then be followed by a 40-year production term, according to the statement. Adnoc retains a 60 percent stake in the concession.