Abu Dhabi Signs $1.45B Deal With Total

Abu Dhabi Signs $1.45B Deal With Total

DUBAI, United Arab Emirates (AP) -- The state oil company of the energy-rich capital of the United Arab Emirates says it has signed a deal worth $1.45 billion with French oil giant Total SA granting it stakes in offshore fields.

The Abu Dhabi National Oil Co. made the announcement in a statement Sunday.

It said Total would be granted a 20 percent stake in the Umm Shaif and Nasr concessions and a 5 percent stake in the Lower Zakum concession, paying participation fees of $1.15 billion and $300 million, respectively.

The oil firm says the deals have a 40-year term.

Lower Zakum produces some 450,000 barrels of oil per day, while the Umm Shaif and Nasr fields produce some 460,000, as well as some 500 million standard cubic feet per day of natural gas.

(KA)