Total’s President of Exploration and Production in the United Arab Emirates (UAE), Hatem Nuseibeh, confirmed that the company will continue investing in the country. Furthermore, the company plans to be part of offshore concessions of Abu Dhabi Marine Operating Company (Adma-Opco) which will expire in 2018, reported Zawya.
Total is involved in the development of Abu Dhabi’s onshore oilfields with a 10% stake in Abu Dhabi Company for Onshore Oil Operations (Adco) concessions, according to Gulf News. Additionally, is also has a 13% share in Adma-Opco which will be merged with Zakum Development Company by early 2018.
The current production of Adco is around 1.6mb/d of oil and is expected to increase to 1.8mb/d day from 2017. With oil prices remaining low, the company plans to cut expenditure. Nuseibeh stated that all the international oil companies (IOC) and national oil companies (NOC), like Adnoc, are controlling expenditure in order to survive in the low oil price environment.