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UAE renews gas concession with Shell, Total, Partex

Reuters

Tue Mar 31, 2009 11:33am EDT

ABU DHABI, March 31 (Reuters) – Abu Dhabi has renewed its onshore gas concession with Royal Dutch Shell (RDSa.L), Total (TOTF.PA) and Partex, United Arab Emirates state news agency WAM reported on Tuesday.

Government-run Abu Dhabi National Oil Company (ADNOC) and the companies have signed a new 20-year deal to produce and process onshore gas supplies, WAM reported.

The concession was first signed in 1978 for 30 years. The new deal was effective from Oct. 1, 2008, WAM reported.

Senior representatives from ADNOC and the international oil companies signed the new deal on Tuesday, WAM reported.

Gasco is 68 percent owned by ADNOC, while Shell and Total have 15 percent each, and Partex owns 2 percent.

Gasco said last year it was investing $25 billion in gas processing plants and pipelines as it develops gas supply to meet surging demand.

Abu Dhabi holds most of the UAE’s oil and gas reserves. The UAE sits on the world’s fifth-largest reserves but has failed to develop them quickly enough to meet domestic gas needs and imports the shortfall from Qatar. (Reporting by Simon Webb; editing by James Jukwey)

 

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