Page 12 - MEOG Week 10 2023

MEOG PROJECTS & COMPANIES MEOG

TotalEnergies expands

UAE upstream portfolio

UAE TOTALENERGIES has agreed to purchase the such as documentation formalisation and final
upstream assets of Spanish firm CEPSA in the approvals.
UAE, while adding a stake in a Japanese-led joint The company’s chairman and CEO Patrick
venture (JV) that operates other offshore assets. Pouyanné said that the deals would “further
The assets to be acquired include a 20% bolster” the company’s presence in Abu Dhabi.
participating interest in the Satah Al Razboot “The acquisition of a 20% working interest in the
(SARB), Umm al-Lulu, Bin Nasher and Al Bateel SARB and Umm al-Lulu concession aligns per-
(SARB and Umm al-Lulu) offshore concession, fectly with our strategy of focusing on low-cost,
and a 12.88% indirect interest in the Mubarraz low-emission assets,” he added.
concession. In September 2020, OMV announced the
The latter was acquired through the purchase start of production from the full-field develop-
of a 20% stake in Cosmo Abu Dhabi Energy ments of Umm al-Lulu and SARB – which were
Exploration & Production Co. Ltd (CEPAD), a combined in the second of the three new offshore
company that owns a 64.4% stake that was held concessions.
by Abu Dhabi Oil Company Ltd (ADOC), the Combined output commenced at 50,000
operator of Mubarraz. bpd and a month or so after production began,
The SARB and Umm al-Lulu concession ADNOC was reported to have sold its first two
encompasses two significant offshore fields. 50,000-barrel cargoes of the Umm al-Lulu crude
Alongside OMV (20%), ADNOC holds a 60% grade – comprising production from the two
interest in the concession, which is operated by fields to India’s Reliance Industries and South
ADNOC Offshore. Korea’s GS Caltex.
The Mubarraz concession comprises four According to sources spoken to by Middle
producing offshore fields; Hail, Neewat Al Galan, East Oil & Gas (MEOG), output from Umm
Uhm Al Anbar and Mubarraz. al-Lulu and SARB sat at around 200,000-220,000
TotalEnergies said the transactions are sub- bpd last year, with Mubarraz having run at
ject to fulfilling customary conditions precedent, around 40,000-50,000 bpd.™

Map Source: ADNOC

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