Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Total chances 'good' to renew UAE oil concession  Join our daily free Newsletter

MENAFN - AFP - 20/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) 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 l Operations(ADCO), since the concession was given in 1939.

The government's Abu Dhabi National Oil Co held the remaining 60 percent.ADCO, which accounts for more than half of the emirate's oil production, will continue to operate the concession areas until ADNOC has processed bids by international companies for a new concession.Industry sources expect the process to be completed in 2015.The UAE, OPEC's fourth largest supplier, is one of the last few nations that have such agreements with international oil majors.UAE Energy Minister Suheil al-Mazrouei said in October that his country was on track to raise its crude oil production to 3.5 million barrels per day by 2017.Current output is estimated at around 2.9 million bpd.More than 90 percent of the estimated 100 billion barrels of UAE reserves are concentrated in Abu Dhabi, the largest emirate in the seven-member federation.

 


AFP




  MENA News Headlines
 May 24 2016 - Dubai Courts reveals 2015s results & achievements in Annual ReportMENAFN Press
(MENAFN Press) UAE May 23, 2016– Dubai Courts has launched today (Monday, May 23, 2016) its Annual Report 2015, reflecting a significant improvement in the performance of the three courts; ...

 May 24 2016 - GCC countries need structural economic reform to retain prosperityMENAFN Press
(MENAFN Press) GCC countries must create a new economic paradigm to successfully end reliance on oil, according to accountancy and finance body ICAEW. This was the outcome of ICAEW’s ...

 May 24 2016 - Arabnet Partners with Smart Dubai to Highlight Smart Economy and Digital Business TransformationMENAFN Press
(MENAFN Press) UAE, May 23, 2016 - For the second year in a row, Smart Dubai Office is partnering with the ArabNet Digital Summit to highlight digital transformation in the public and private ...

 May 24 2016 - Al Ansari Exchange pledges AED 50 million donation to various charities in commemoration of its Golden JubileeMENAFN Press
(MENAFN Press) UAE, May 23, 2016–Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, commemorates the 50thAnniversary of its establishment. To mark the ...

 May 24 2016 - Help Pick a Festival Winner and Get Insight from 5-time Emmy Winner at New Media Film FestivalMENAFN Press
(MENAFN Press) Help Pick a Festival Winner and Get Insight from 5-time Emmy Winner at New Media Film Festival Honoring Stories Worth Telling Paul Wagner - Digital Keynote Speaker Ana Kasparian ...

 May 24 2016 - Global Heparin Cap Consumption 2016 Market Research ReportMENAFN Press
(MENAFN Press) Global Heparin Cap Consumption 2016 Market Research Report The Global Heparin Cap Consumption 2016 Market Research Report is a professional and in-depth study on the current state ...

 May 24 2016 - Global Hold The Needle Detector Consumption Analysis by Capacity, Production, Cost, Gross & RevenueMENAFN Press
(MENAFN Press) Global Hold The Needle Detector Consumption Analysis by Capacity, Production, Cost, Gross & Revenue The Global Hold The Needle Detector Consumption 2016 Market Research Report is ...

 May 24 2016 - Stealing towels from hotelsMENAFN Press
(MENAFN Press) Stealing towels from hotels Hotels are using trackers for stealing towels NORTHBROOK, ILLINOIS, USA, May 24, 2016 /EINPresswire.com/ -- In the luxury stay at hotels, the ...

 May 24 2016 - Insulin Needles Consumption 2016 Global Market Research ReportMENAFN Press
(MENAFN Press) Insulin Needles Consumption 2016 Global Market Research Report The Global Insulin Needles Consumption 2016 Market Research Report is a professional and in-depth study on the current ...

 May 24 2016 - Global Insulin Pen Consumption 2016 Market Research ReportMENAFN Press
(MENAFN Press) Global Insulin Pen Consumption 2016 Market Research Report The Global Insulin Pen Consumption 2016 Market Research Report is a professional and in-depth study on the current state of ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help