Total’s latest Abu Dhabi deals (MEES, 23 March) reinforce the centrality of the emirate and the wider Mena region to its strategy. Mena is on track to provide more than 30% of Total’s liquids output for the second consecutive year in 2018. Only Italy’s Eni, with its traditional North African heartland, has a comparable share at around 32%, but its output is some 150,000 b/d less (MEES, 16 March).
Abu Dhabi is the single largest source of oil in Total’s portfolio, so walking away from the Adma concession after its 8 March expiry would have been a major blow. At 278,000 b/d in 2017, Abu Dhabi provided 20% of Total’s total output, making it by far the largest single constituent, well ahead of No.2 Angola on 204,000 b/d. (CONTINUED - 1241 WORDS)
