Total Pays $1.45 Billion for Abu Dhabi Offshore Oilfield Stakes
- Adnoc awards 20% of Umm Shaif, Nasr block; 5% of Lower Zakum
- Total is fifth winner of new stakes in Persian Gulf fields
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Total SA will pay $1.45 billion for stakes in two offshore oil fields in Abu Dhabi, extending a decades-long partnership as the Middle Eastern emirate seeks to expand production capacity.
The Paris-based company will take a 20 percent stake in the Umm Shaif and Nasr oil block and help develop natural gas at the fields, Abu Dhabi National Oil Co. said in a statement. Adnoc Chief Executive Officer Sultan Al Jaber and Total CEO Patrick Pouyanne also agreed for Total to take a 5 percent stake in the Lower Zakum oil field, at a signing ceremony at the Abu Dhabi Louvre.