BP signs a concession agreement with ADNOC and partners for Bab Gas Cap Project

BP announced on Thursday that it had'signed a concession -agreement' with ADNOC and partners for the development of the Bab Gas Cap Project in the UAE. BP will take a 10% share, marking its first access to Abu Dhabi upstream gas resources. The project will consist of three?reservoirs within the Bab Field onshore and is expected to produce up to 1,5 billion cubic feet per day. BP says that the project will help meet UAE gas and feedstock needs, as well ADNOC's plans to expand liquefied gas exports.

ADNOC owns 60% of the concession. Other partners, including TotalEnergies CNPC, INPEX China ZhenHua Oil, and GS Energy, will hold the remaining 40%. BP will be the 'asset lead 'for the Bab Oil field, Abu Dhabi’s largest onshore oil field. BP holds a '10% stake in ADNOC Onshore and ADNOC LNG. It also has a '10% stake in the National Gas -Shipping company, as well as ADNOC’s Ruwais LNG project. Reporting by Stephanie Kelly, London; and Raechel Thanksam Job, Bengaluru. Editing and Subhranshu Sahu & Louise Heavens.

(source: Reuters)