Total Wins 40% Stake in Unconventional Gas Concession
Abu Dhabi National Oil Company (Adnoc) has awarded a 40 per cent stake in the Ruwais Diyab gas concession to French energy major Total.Adnoc group, for which the award is an important milestone to reach the target of 1 Bcfd of unconventional gas production before 2030, said in a press release that it will retain a 60% stake in the concession.Under the terms of the agreement, Total will explore, appraise and develop the concession area’s unconventional gas resources.The agreement includes a six to seven-year exploration and appraisal phase which will then be followed by a 40-year production term. It was signed in ADNOC’s Thamama Subsurface Collaboration Center, by Dr. Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and Patrick Pouyanné, CEO and Chairman of Total.
Hyperdynamics Seismic Survey, Guinea
Hyperdynamics Corporation (NYSE Amex: HDY) announced that it has signed a contract with Bergen Oilfield Services AS of Norway to conduct a 9,000 kilometer 2-D marine seismic survey on portions of its oil and gas concession offshore Republic of Guinea. The survey is expected to get under way by the end of October. "This survey will help us make a final determination of which portions of our 31,000-square mile concession area we want to maintain for future exploration," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer. "Under a new September Memorandum of Understanding that reaffirms the validity of our Production Sharing Contract, we are required to relinquish 64% of the acreage by December 31, 2009.
