Abu Dhabi announced the first major regional upstream award since the Iran-US ceasefire agreement on 24 June, demonstrating continued investor confidence in the UAE's energy sector. the Supreme Council for Financial and Economic Affairs (SCFEA) awarded a consortium led by Adnoc the concession to develop the Bab Gas Cap, taking the UAE closer to its goal of gas self-sufficiency.
The Bab Gas Cap will be developed by Adnoc (60%), TotalEnergies (10%), BP (10%) China’s CNPC (8%), the Jodco subsidiary of Japan’s Inpex (5%), China’s Zhenhua (4%) and Korea’s GS Energy (3%). These partners constitute Adnoc Onshore, which operates the massive 2.1mn b/d Adco concession onshore Abu Dhabi. The new concession will be operated by Adnoc Onshore, marking the first time that the consortium has operated an asset other than Adco, and the first time that they have operated a dedicated non-associated gas project. (CONTINUED - 779 WORDS)
