Abu Dhabi, United Arab Emirates, Thursday 29 January 2015 - the Abu Dhabi National Oil Company (ADNOC) and Total signed today the 40-years New ADCO Concession Agreement for the ADCO onshore oil fields in the Emirate of Abu Dhabi, UAE.
By this agreement, Total, which presented the best technical and commercial offers, receives a 10% participating interest in the new concession and is appointed Asset Leader for the South East and Bu Hasa integrated Asset Groups, with effect from 1 January 2015, while additional companies will be added soon. Abu Dhabi Company for Onshore Petroleum Operations Limited (ADCO), which was established by law on 8 December 2014 to replace previous ADCO, will continue to operate the integrated asset groups of Bab, Bu Hasa, South East (Sahil, Asab, Shah, Qusahwira, Mender) and Northeast Bab (Al Dabb'iya, Rumaitha, Shanayel).
ADCO plans to reach 1.8 Million barrels a day production in 2017
© Press Release 2015
