BP signs concession deal with ADNOC, partners for Bab Gas Cap project (updated)

TotalEnergies SE

Yesterday 07:22

Updates with details in paragraphs 1, 2, 4, adds dateline
LONDON, June 25 (Reuters) - BP BP.L said on Thursday it has signed a concession agreement with ADNOC and partners to develop the Bab Gas Cap project in the UAE, taking a 10% stake and marking BP's first access to upstream gas resources in Abu Dhabi. 
The project, which comprises three reservoirs in the onshore Bab Field, is expected to produce up to 1.5 billion cubic feet of natural gas per day. It will support domestic feedstock production and gas needs in the UAE, as well as ADNOC’s liquefied natural gas export expansion plans, BP said. 
ADNOC will own a 60% interest in the concession, with other partners including TotalEnergies TTEF.PA, CNPC International, INPEX, China ZhenHua Oil and GS Energy holding the rest. BP will serve as asset lead for the Bab Oil Field, one of Abu Dhabi’s largest onshore oil fields. 
BP has a 10% interest in ADNOC Onshore, ADNOC LNG, the National Gas Shipping Company and ADNOC’s Ruwais LNG development.

 (Reporting by Stephanie Kelly in London and Raechel Thankam Job in Bengaluru; Editing by Subhranshu Sahu and Louise Heavens)
 ((RaechelThankam.Job@thomsonreuters.com;))