No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - BP has signed a concession agreement with ADNOC and its partners to develop the Bab Gas Cap project in Abu Dhabi, it was reported on Thursday, securing a 10% stake in a development expected to produce up to 1.5bn cubic feet of natural gas per day.
The project, which comprises three reservoirs in the onshore Bab Field, marks BP's first access to upstream gas resources in Abu Dhabi and is expected to support domestic gas supply, feedstock production and ADNOC's liquefied natural gas export expansion plans.
Under the agreement, ADNOC will hold a 60% interest in the concession, with BP and TotalEnergies each owning 10%, alongside CNPC with 8%, INPEX with 5%, ZhenHua Oil with 4% and GS Energy with 3%.#
BP will also continue as asset lead for the Bab Oil Field, one of Abu Dhabi's largest onshore oil fields.
The company said the agreement builds on its strategy of accessing discovered resources following deals in Iraq, India and Azerbaijan during 2025.
The concession extends BP's long-standing presence in Abu Dhabi, where it has operated for more than 85 years and already holds a 10% interest in ADNOC Onshore, ADNOC LNG, the National Gas Shipping Company and the Ruwais LNG development.
At 0903 BST, shares in BP were down 0.93% at 475.6p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.