Abu Dhabi awards France's Total stakes in oil concessions

Abu Dhabi state energy company ADNOC said Sunday it had awarded French oil giant Total stakes in two offshore oil concessions, as it looks to boost production by year's end.

Total now holds a fifth of the Umm Shaif and Nasr concession and 5 percent of the Lower Zakum concession, together worth some 5.3 billion dirhams ($1.4 billion, 1.2 million euros), ADNOC said in a press release.

Both concessions are effective March 9 for a duration of 40 years and are operated by ADNOC Offshore, a subsidiary of ADNOC, according to the statement.

Sunday's signing was hosted by the Louvre Abu Dhabi, the billion-euro French-Emirati project that is the first Louvre-branded museum outside of France.