Page 12 - MEOG Week 10 2023
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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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