The Abu Dhabi National Oil Co. made the announcement in a statement Sunday.
It said Total would be granted a 20 percent stake in the Umm Shaif and Nasr concessions and a 5 percent stake in the Lower Zakum concession, paying participation fees of $1.15 billion and $300 million, respectively.
The oil firm says the deals have a 40-year term.
Lower Zakum produces some 450,000 barrels of oil per day, while the Umm Shaif and Nasr fields produce some 460,000, as well as some 500 million standard cubic feet per day of natural gas.
Latest posts by Mozaffar EtezadiFar (see all)
- Nuclear generation nears record high in 2019: World Nuclear Association - 26th August 2020
- ONGC shuts 2 rigs after spurt in Covid cases - 22nd August 2020
- Jharkhand is a lawless state: Karat - 14th August 2020