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 Oil 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
 Feb 1 2015 - Qatar- GCC Consultative Auth. members discuss PPP - Chairman Al-KhaterKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Chairman of the GCC Consultative Authority Mubarak Al-Khater said Saturday members of authorities discussed during their Saturday meeting the development of ...

 Feb 1 2015 - Israeli troops kill Palestinian youth near NablusKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Israeli soldiers shot dead a Palestinian youth and wounded another to the north of the occupied West Bank on Saturday evening.The incident took place when the ...

 Feb 1 2015 - Kuwait- Interior Ministry says no closure of shops, restaurants after 10 p.m.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Interior Ministry has categorically denied news reports circulated by various social media outlets regarding the ministry's intention to close restaurants, ...

 Feb 1 2015 - Kuwaiti hospital in Gaza treats hundreds of cash-strapped GazansKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Kuwaiti charitable hospital in Rafah concluded on Sunday a medical aid program launched on December 1, 2014, to help Palestinian patients in bad need for ...

 Feb 1 2015 - Terrorist attack injures 2 policemen in BahrainKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) At least two policemen were injured in a terrorist attack on a gas station north of the Bahraini capital Manama, according to the Bahraini Ministry of ...

 Feb 1 2015 - Washington condemns ISIL's beheading of Japanese hostageKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The United States has condemned the "heinous murder" of Japanese citizen and journalist Kenji Goto by the "terrorist group," the Islamic State in Iraq and the ...

 Feb 1 2015 - Egypt- Parliamentary applications to be accepted from 8 FebruaryDaily News Egypt
(MENAFN - Daily News Egypt) The Higher Committee for Parliamentary Elections announced Thursday that it will accept parliamentary candidates' applications starting 8 February.The Committee announced ...

 Feb 1 2015 - Egypt- Protesters hold commemoration on site of Al-Sabbagh's killingDaily News Egypt
(MENAFN - Daily News Egypt) Protesters held signs commemorating Shaimaa Al-Sabbagh and Sondos Abu-Bakr, both of whom were killed by police forces during demonstrations before the fourth anniversary ...

 Feb 1 2015 - Egypt- Sinai explosions leave at least 25 deadDaily News Egypt
(MENAFN - Daily News Egypt) Explosions in North Sinai killed at least 25 people and injured 36 more after a car bomb targeted the army's 101 battalion headquarters, state media reported through a ...

 Feb 1 2015 - Egypt- Al-Sisi cuts Africa Summit visit short after Sinai killingsDaily News Egypt
(MENAFN - Daily News Egypt) Egyptian President Abdel-Fattah Al-Sisi decided to cut short his visit to the Africa Summit to return to Cairo after explosions in Sinai killed at least 20 people Thursday ...

more...


 






Google

Electronic & Mobile Payment

 
 

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