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United Arab Emirates: TotalEnergies and ADNOC Expand Strategic Alliance
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
On the occasion of a state visit by Sheikh Mohamed bin Zayed Al Nahyan of the UAE, TotalEnergies (TTE) and Abu Dhabi National Oil Company (ADNOC) signed a strategic partnership agreement. The agreement focuses on developing oil and gas projects in the UAE, supplying diesel to France, and exploring a commercial carbon capture project. TotalEnergies has a significant presence in the UAE, producing 280,000 barrels of oil equivalent per day and holding various stakes in ADNOC's oil concessions. This partnership aims to enhance energy supply security and sustainability.
Positive
New strategic partnership with ADNOC to explore growth opportunities.
Focus on sustainable energy supply and global energy security.
TotalEnergies holds a strong market position in the UAE with 280,000 boe/d production.
Negative
None.
PARIS--(BUSINESS WIRE)--
Regulatory News:
On the occasion of the state visit in Paris of His Highness Sheikh, Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and Abu Dhabi National Oil Company (ADNOC) have signed a strategic partnership agreement that aims to jointly evaluate new growth opportunities in the following areas:
development of oil and gas projects in the UAE to ensure sustainable energy supply to the markets and contribute to global energy security;
supply of diesel from the UAE to France;
prospects for a commercial carbon capture, utilization, and storage (CCUS) project in the UAE.
“I am pleased that TotalEnergies is reaffirming and expanding its strategic collaboration with the United Arab Emirates through a multi-energy cooperation with ADNOC, our long-standing partner in the UAE. Our partnership across the entire energy value chain allows our two companies to join forces to contribute to the energy supply of global markets, while reducing carbon emissions from our operations”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“TotalEnergies is a longstanding strategic partner, and we are very pleased to build on our successful partnerships through this agreement as the UAE and France strengthen energy cooperation. The agreement offers the potential to accelerate growth and create greater and more sustainable value for our mutual benefit. We look forward to working with TotalEnergies to unlock the opportunities presented by the agreement across the energy value chain to enable more secure, affordable and sustainable energy for our countries and the world,” said His. Excellency. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO.
TotalEnergies in the United Arab Emirates
TotalEnergies has been present in the United Arab Emirates for more than 80 years where he has built a longstanding presence, reflected by the size and diversity of its multi-energy assets and partnerships. It is today the 1st foreign company active in the country, with all its businesses present. In 2021, TotalEnergies’ equity production there was 280,000 barrels of oil equivalent per day (boe/d).
In partnership with ADNOC, TotalEnergies holds the following interests:
10% in the ADNOC Onshore oil concession;
20 % in the offshore Umm Shaif & Nasr oil concession and 5% in the offshore oil Lower Zakum concession;
15% in ADNOC Gas Processing (former GASCO);
5% in ADNOC LNG (former ADGAS);
5% in the National Gas Shipping Company (NGSCO);
40% in the Ruwais Diyab unconventional gas concession.
In partnership with Mubadala, TotalEnergies holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, UAE, and Oman (2007).
TotalEnergies has been active in the country’s power generation since 2001 through the Taweelah desalination plant and power station, which meets around 10% of Abu Dhabi's water and electricity needs, in partnership with TAQA. In renewables, TotalEnergies (20%) is a partner of Masdar and ADPF in UAE’s first Concentrated Solar Power plant, which was inaugurated in 2013 with a capacity of 109 MW. The Company continues to grow in the solar sector in the country, especially in the field of distributed generation where it holds a leading position.
The Company also has a top position in the manufacturing and marketing of a wide range of automotive and industrial lubricants with a blending plant in the Emirates, supplying the whole region.
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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
What is the strategic partnership agreement between TotalEnergies and ADNOC?
TotalEnergies and ADNOC signed a strategic partnership to develop oil and gas projects in the UAE and explore diesel supply to France, along with a carbon capture project.
How much oil does TotalEnergies produce in the UAE?
TotalEnergies produces 280,000 barrels of oil equivalent per day in the UAE.
What are the goals of TotalEnergies' partnership with ADNOC?
The partnership aims to enhance energy supply security and sustainability while evaluating new growth opportunities.
What role does TotalEnergies have in UAE's energy sector?
TotalEnergies is the first foreign company active in the UAE with diverse energy assets and partnerships.
How long has TotalEnergies been in the UAE?
TotalEnergies has been present in the UAE for over 80 years.
