The Supreme Council for Financial and Economic Affairs grants ADNOC and its partners a concession to develop the gas cap in the “Bab” field.
ABU DHABI, 24 JUNE / WAM / The Supreme Council for Financial and Economic Affairs granted a concession agreement to develop and produce the gas cap of the Bab field to the Abu Dhabi National Oil Company (ADNOC) by 60% and its group of international partners: Total Energy by 10%, BP Abu Dhabi by 10%, CNPC International (Hong Kong Special Administrative Region) by 8%, and JODCO Onshore. By 5%, “China Zhenhua Oil” Company (Hong Kong Special Administrative Region) by 4%, and “Korea GS E&P” Company by 3%.
The agreement to develop the gas cap and produce the Bab field represents the largest project of its kind in the world, which strengthens the role of the United Arab Emirates in the energy sector as a global center for long-term investments and a reliable supplier of energy.
The project’s production capacity is expected to reach 1.5 billion standard cubic feet of natural gas per day, which is equivalent to about 15% of ADNOC Gas Company’s total operational capacity to process gas, which confirms the strategic importance of the project in contributing to achieving gas self-sufficiency in the country, supporting the development of its petrochemical sector, and enhancing ADNOC’s plans to expand its exports of liquefied natural gas.
The project reflects the Council’s commitment to supporting the sustainable development of natural resources in order to achieve maximum strategic and economic value and support long-term national priorities.
Since its establishment, the Supreme Council for Financial and Economic Affairs has played an important role in formulating the emirate’s policies for financial, investment, economic, petroleum and natural resources affairs, supervising their implementation, and ensuring their compatibility with the emirate’s comprehensive strategies. The Council follows up on the performance of stakeholders in the oil and gas sector, including ADNOC, in a way that contributes to achieving the goals of the Emirate of Abu Dhabi and building a bright and sustainable future for future generations.
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