Total, the French oil company, won a 10% stake in its re-negotiated deal with Abu Dhabi National Oil Company (ANOC), according to Reuters. The onshore oil concession with four oil majors had expired after 40 years, and it was opened up to bidders from Asia and the West. Total was the first to be given the concession because it made the best offer, but peers are expect to receive responses to their bids. Total now has a 10% stake in some of ANOC’s largest assets.
Prior to the expiration of the last concession, which began in the 70s, four oil majors, BP, Exxon, Total and Royal Dutch Shell each had a 9.5% stake. All but Exxon have made renewed bids, but Total’s was the first to be accepted. Total will now have access to 15 of ANOC’s onshore fields. CEO Patrick Pouyanne said, “Total is honored to be the first international company to be chosen … and to be entrusted with the mission of technical leader on two major groups of fields.” However, this doesn’t mean that the other bids are not attractive. A source from ADNOC said that Shell and BP could potentially be awarded with 10% stakes, if their bids are accepted.