document: Total SA announced on 18 March 2018 that it had paid US$ 1.15 billion for a 20% stake in a new 40-year concession agreement to operate the offshore Nasr and super giant Umm Shaif oil fields. Eni SpA acquired an initial 10% holding on 11 March 2018, while Abu Dhabi National Oil Company (ADNOC) subsidiary ADNOC Offshore will retain a 60% government working interest. The Supreme Petroleum Council (SPC) approved the creation of a new operating consortium prior to the expiry of the former Abu Dhabi Marine Operating Co (ADMA-OPCO) contract for the ADMA Central Block. The remaining 10% interest has yet to be awarded.  ADNOC had confirmed in October 2016 that it planned to combine its two largest offshore operating companies, namely ADMA-OPCO and Zakum Development Company (Zadco) into a single operating unit. It subsequently announced on 15 October 2017 that it had established a new subsidiary âADNOC Offshoreâ to be responsible for the development and delivery of oil and gas resources in Abu Dhabi waters. In launching its new unified brand in line with a 2030 smart growth strategy, ADNOC entered a transition period during which former company names are hereby being referenced for the purposes of clarity and historical integrity.  ADMA-OPCO shareholders were ADNOC 60%, BP 14.66%, Total 13.33% and JODCO 12%. ADMA-OPCO was 100% right holder in the ADMA Central Block up until the point that its 45 year ADMA contract expired on 18 March 2018.  Background information    The      1,303 sq km former ADMA Central concession encompassing both the giant      Nasr and super-giant Umm Shaif oil fields expired in March 2018.   Although      discovered in 1971, the Nasr oil field was only brought onstream during      2015. Early production averaged around 22,000 bo/d during 4Q 2017, but the      field is being developed to reach a peak plateau rate of 65,000 bo/d in 2H      2019.  Umm      Shaif was producing at a rate of around 250,000 bo/d during 4Q 2017. A new      oil gathering network is to be commissioned during 2H 2019, which will      allow an average production rate of 275,000 bo/d to be sustained until the      year 2031.  The      original Abu Dhabi offshore concession was awarded to D'Arcy Exploration      Company in 1953. In 1955 the concession was assigned to ADMA, a company      owned by BP and CFP. BP assigned 45% of its interest to Japan Oil      Development Company Limited (JODCO) in 1972. In January 1973 ADNOC      acquired 25% interest in ADMA Limited. The following January ADNOC      increased its shareholdings in ADMA to 60%. ADMA-OPCO was subsequently      incorporated in 1977 to operate the ADMA concessions on behalf of the      interest holders, ADNOC (60%) and ADMA (40%).   In      early November 2010, ADMA-OPCO CEO Ali Rashid Al Jarwan re-affirmed the      fact that his company intended to increase its offshore oil production      capacity to 1.75 million barrels a day (MMbbl/d) by 2019.   Â   Â 
summary: UAE, not found