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With this agreement, BP and TotalEnergies each hold a 10 percent interest in the concession, according to separate statements by the two firms.
Adnoc, via its unit Adnoc Onshore, holds a 60 percent operating stake, CNPC 8 percent, JODCO/INPEX 5 percent, ZhenHua 4 percent, and GS Energy 3 percent.
This new concession will enable the partners to develop the large gas cap resources of the Bab onshore field, with a target production rate of 1.5 billion cubic feet per day.
It builds on the 2015 renewal for 40 years of the onshore oil concession (formerly ADCO).
The partners said that the project also aligns with Abu Dhabi’s strategy to expand both its liquids production from condensates and its gas output while reinforcing its LNG value chain, notably the Ruwais LNG project, in which TotalEnergies holds a 10 percent interest.
With this project, BP also continues to build on its long-standing partnership with Abu Dhabi, with a 10 percent interest in Adnoc Onshore, Adnoc LNG, the National Gas Shipping Company (NGSCO), and Adnoc’s Ruwais LNG development.
Adnoc is investing heavily in its LNG business.
In June 2024, it made the final investment decision to build its LNG export terminal in Al Ruwais.
The LNG project consists of two 4.8 mtpa trains with a total capacity of 9.6 mtpa, more than doubling Adnoc’s existing UAE LNG production capacity to around 15 mtpa, as the company builds its international LNG portfolio.
Adnoc currently owns a 70 percent stake in Adnoc LNG, which produces about 6 mtpa of LNG from its facilities on Das Island.