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Total awarded 10% stake in ADCO concession
Report summary
Total has been awarded a 10% stake in the Abu Dhabi onshore (ADCO) concession. ADNOC will retain 60%, with the remaining 30% split between other bidders. These include previous licence holders, Asian NOCs, and other operators with strong technical experience. This will return around 160,000 barrels to Total's portfolio, and the fixed equity margin will provide stability in a world of volatile oil prices. Total has been appointed as "Asset Leader" for Bu Hasa and the South East assets.
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