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FINANCIAL NEWS
Total awaits new energy tenders in UAE
09 Dec 2011
(MENAFN) Oil producer giant Total S.A. seeks to take part in the next extension of the oil and gas concessions in the UAE, with aims for higher margins, Reuters reported.
Christophe de Margerie, CEO of Total said that the company is already a share holder in many oil and gas concessions in the UAE, adding that the new tender is is expected to arrive before the end of this year.
The UAE’s concessions system allows oil and gas producers to acquire their own equity hydrocarbons from, however they have to provide much of the investment for new production and agree tight margins.
The multi-partner system also makes work with other partners uncomfortable for some oil companies who do not want to share their technology with rivals.
UAE aims to boost its oil production capacity to 3.5 million bpd from the current 2.7 million bpd.
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