Total chances ‘good’ to renew UAE oil concession: minister

 

Oil giant Total has a “good” chance to keep its operating share in Abu Dhabi’s onshore oilfields as the Gulf emirate prepares new concessions, France‘s international trade minister said Monday.

Total has a 9.5 percent share in the 75-year-old concession which has come to an end on January 10, while the emirate is expected to select by 2015 the international bidders.

“Total’s chances are good,” French International Trade Minister Nicole Bricq told AFP on the sideline of an energy conference in Abu Dhabi, the capital of the United Arab Emirates federation.

“It is a loyal partner, which has heavily invested and is appreciated… I am hopeful. It must be treated as a great partner and I think it deserves it,” she said.

Total and four other international companies — comprising Royal Dutch Shell, BP, Exxon Mobil and Partex Oil and Gas, held a 40 percent stake in the Abu Dhabi Company for Onshore Oil Operations(ADCO), since the concession was given in 1939.

The government’s Abu Dhabi National Oil Co held the remaining 60 percent.[Read more]