By Inti Landauro
PARIS--French oil major Total SA (TOT) took a 10% stake for 40
years in a joint venture with Abu Dhabi National Oil Company which
extracts crude in the 15 main fields in the Emirate with a total
output of 1.6 million barrels a day.
Total raised its stake from a previous 9.5% it has held in the
project over the 75 years to 2014, the company said.
The company operating the fields, Abu Dhabi Company for Onshore
Petroleum Ltd, or ADCO, in which Total now holds a 10% stake, has
an objective to increase output to 1.8 million barrels a day in
2017.
Other oil majors, such as BP PLC (BP), Royal Dutch Shell PLC
(RDSA.LN) and Exxon Mobil Corp. (XOM) were also partners in the
joint venture during its first 75 years.
Write to Inti Landauro at inti.landauro@wsj.com
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