ADCO – a long term partnership endorsed
On January 29, 2015, The Abu Dhabi National Oil Company (ADNOC) and Total signed the new 40-year Abu Dhabi Company for Onshore Petroleum Operations Limited (ADCO) Concession Agreement for the ADCO onshore oil fields in the Emirate of Abu Dhabi.
ADNOC said that by this agreement, Total, which receives a 10% participating interest in the new concession and is appointed Asset Leader for the South East and Bu Hasa integrated Asset Groups, effectively from January 1, 2015.
Additionally in May, ADCO added two more new partners, Inpex/Japan: 5% and GS Energy/Korea: 3%.
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 a production of 1.8 million barrels a day by 2017.
Total as a prime shareholder of ADCO acts to explore, develop and produce hydrocarbons within its area of operations. With this objective of ADCO’s aspirations, efforts will be made to operate at maximum efficiency and optimum cost with minimum impact on the environment and always with safety as a first priority.
Within ADCO, we will promote an environment of continuous improvement while maintaining the highest standards of honesty and integrity in all aspects of our business. Total will also support ADCO to achieve the 75% UAE National employment objective in 2017.
Combining Efforts towards the Success of UAE's Vision
Total’s presence in the new ADCO is intended to develop ADCO as the primary contributor to Abu Dhabi’s sustainable future. As a first step towards all these developments, Total is setting up a Technology sharing options in coordination with ADCO, whereby ADCO technical staff will be allowed access through digital platforms to Total’s database worldwide.
This two way technology path will form a knowledge sharing gateway for its staff to learn new technologies in the field. In addition, through effective human capabilities development, Total is committed to help make ADCO better positioned to progress along with UAE's Vision 2030.