UAE ploughs ahead with new upstream concessions
The emirate is at last moving ahead with the award of new upstream contracts. They will be critical to upstream expansion plans
Abu Dhabi’s multi-billion dollar drive to push up oil production took another step forward in January, when Total was awarded the first foreign stake in a new concession covering more than half of the emirate’s oil reserves and many of its most-prized oilfields. The move comes after months of speculation over who would be invited to participate, following the expiry of the previous 75-year old concession in January 2014. The allocation of further stakes is likely to follow in coming weeks.The French major has been awarded a 10% stake in a new 40-year concession, known as the Abu Dhabi Company for Onshore Oil Operations (Adco), which replaces the old concession of the same name, in which Tota
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