Friday 19 July 2024

Hatem Nuseibeh

Adnoc, Total in talks to develop downstream sector

ABU DHABI, November 13, 2018

French oil major Total is in talks with the Abu Dhabi National Oil Company (Adnoc) to develop the Abu Dhabi petrochemicals and downstream sector, said the president Total E&P UAE- Total country chair in the UAE.

"We are a company for whom Adnoc is very important. Adnoc has been going through huge changes over the past period and Total is very interested in working with Adnoc in terms of petrochemicals and downstream,” Hatem Nuseibeh told the Emirates News Agency (Wam) on the sidelines of the 21st edition of Abu Dhabi International Petroleum Exhibition and Conference (Adipec).

“As our CEO said in the recent Downstream Forum, talks are ongoing between the two companies in this respect," he added.

Adipec, which opened yesterday (November 12) at the Abu Dhabi National Exhibition Centre (Adnec), is being held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and hosted by the Abu Dhabi National Oil Company (Adnoc) .

"Adnoc is expanding its partnership with various international oil companies to benefit from their technical know-how and TOTAL is one of them. We are bringing in our technical expertise to help Adnoc reach its goal," Nuseibeh said.

Nuseibeh commended the concessions agreement signed this week with Adnoc as a "big step on the path to develop the gas resources in the country."

"It’s rather a natural agreement. We have been here in this country since 1939, operating on offshore and onshore concessions. Total is continuing this longstanding partnership through this agreement, which is a significant step on the development of unconventional resources in this country, especially that unconventional resources is something new in the UAE. Total is the first international company to pioneer unconventional gas exploration in Abu Dhabi alongside Adnoc."

"We are going in line with Adnoc’s Vision to get the best technical expertise and develop its gas resources and fulfil its local demand for gas in preparation for the possibility of turning to a gas exporter in the future."

The agreement is a result of close cooperation between Adnoc and Total towards identifying ways of unlocking the unconventional gas potential in Abu Dhabi, Total bringing its expertise, personnel and technical know-how, he added.

On the current conditions of the global oil market, Nuseibeh declined to make any price forecasts.

"Our CEO has told us a message that we cannot control prices but can control our expenditure. TOTAL is not only controlling its OPEX but rather changing it expenditure culture. Even when prices were very down, we managed to be successful thanks to our cost control policy. We will continue to control our expenditure in a way that enables us to survive the industry challenges,” he said.

Tags: Total | Adnoc | adipec | downstream |

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