French oil giant Total will continue to invest in the UAE for the development of oilfields and hopes to be part of offshore concessions which will expire in 2018, according to media reports.
“We will continue to invest in the UAE in the coming years. There are fields to be developed and there is production to be developed. We will continue to invest and plan to be part of offshore concessions of Adma-Opco which will expire in 2018,” said Hatem Nuseibeh, President of Total, exploration and production in the UAE.
The company has 13% share in Abu Dhabi Marine Operating Company (Adma-Opco) which will be merged with Zakum Development Company by early 2018.
Speaking on the merger, he said it’s a great idea and they are hundred per cent behind Adnoc in supporting the decision.
“The merger will bring down costs and increase efficiency. We have offered our people to help Adnoc in making this merger successful and be able to bring out all synergies to cut costs and make it more efficient.”
