Total wins new Abu Dhabi Concession

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Total wins new Abu Dhabi Concession

Total has signed an agreement to take a 10 per cent stake in a new 40-year onshore concession in Abu Dhabi in the United Arab Emirates (UAE).

Nine Asian and western firms had bid for stakes in the Abu Dhabi Company for Onshore Oil Operations (Adco) concession after a deal with western oil majors dating back to the 1970s expired in January 2014.

The new concession was effective from January 1, 2015, and covers Abu Dhabi’s 15 principal onshore oil fields that represent more than half of the Emirate’s production, Total said in a statement.

“Total is honoured to be the first International Oil Company to be chosen … to participate in this new onshore concession and to be entrusted with the mission of technical leader on two major groups of fields,” chief executive officer Patrick Pouyanne said in the statement.

Financial details were not disclosed.

Four of the world’s largest listed energy companies — ExxonMobil, Royal Dutch Shell, Total and BP — had each held 9.5 per cent equity stakes in the Adco concession since the 1970s and were keen to prolong their involvement.

Last year, Abu Dhabi National Oil Company (Adnoc) took 100 per cent of the Adco concession as a temporary measure while political leaders in the UAE capital decided whether to let big Asian oil buyers in for the long-haul.

Source: TradeArabia

Link: http://tinyurl.com/p7h5n45

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.