TotalEnergies Takes 10% Stake in Abu Dhabi Bab Gas Cap Concession
TotalEnergies signed a 10% interest in Abu Dhabi's Bab Gas Cap Concession, joining ADNOC and six other international partners to develop gas cap resources in the Bab onshore field with a target production rate of 1.5 billion cubic feet per day under a 40-year agreement renewed in 2015.
TotalEnergies (NYSE: ) signed a 10% working interest in the Bab Gas Cap Concession in Abu Dhabi, joining ADNOC (60%), bp (10%), CNPC (8%), JODCO/INPEX (5%), ZhenHua (4%), and GS Energy (3%) under a 40-year concession renewed in 2015 [1]. The partnership will develop gas cap resources in the Bab onshore field with a target production rate of 1.5 billion cubic feet per day [1]. ADNOC Onshore operates the asset.
The entry expands TotalEnergies' upstream position in the Middle East, adding material gas production to its portfolio in a region where long-term concessions reduce political and fiscal risk. The 10% stake ranks TotalEnergies alongside bp as the second-largest minority holder after CNPC. The 1.5 Bcf/d target, if fully realized, would contribute roughly 150 million cubic feet per day to TotalEnergies on a working-interest basis, equivalent to approximately 25,000 barrels of oil equivalent per day at standard conversion.
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