Total (NYSE: TOT) and Abu Dhabi National Oil Co. (ADNOC) have signed a concession agreement to launch an unconventional gas exploration program in the high potential Diyab play, Total said on Nov. 12.
The Diyab play spreads over 6,000 sq km (2,316 sq miles) to the west of the prolific ADNOC Onshore concession, in Abu Dhabi.
The concession allows for two exploration and appraisal phases for a period of up to seven years, followed by a 40 year development and production period. Total will operate the exploration phase of this new concession with a 40% interest, while ADNOC will hold the remaining 60% interest. In case of positive exploration, this multi-trillion cubic feet opportunity will be developed in stages in line with the growing gas demand in the UAE and potential export opportunities.
Recommended Reading
Greenbacker Names New CFO, Adds Heads of Infrastructure, Capital Markets
2024-02-02 - Christopher Smith will serve as Greenbacker’s new CFO, and the power and renewable energy asset manager also added positions to head its infrastructure and capital markets efforts.
Humble Midstream II, Quantum Capital Form Partnership for Infrastructure Projects
2024-01-30 - Humble Midstream II Partners and Quantum Capital Group’s partnership will promote a focus on energy transition infrastructure.
SunPower Appoints Garzolini as Executive VP, Chief Revenue Officer
2024-03-14 - Tony Garzolini will oversee SunPower’s sales, including the direct, dealer and new homes channels, along with pricing and demand generation.
enCore Energy Appoints Robert Willette as Chief Legal Officer
2024-02-01 - enCore Energy’s new chief legal officer Robert Willette has over 29 years of corporate legal experience.
Sherrill to Lead HEP’s Low Carbon Solutions Division
2024-02-06 - Richard Sherill will serve as president of Howard Energy Partners’ low carbon solutions division, while also serving on Talos Energy’s board.