TotalEnergies (TTE) said Wednesday it has acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.
The concession will be operated by ADNOC, which holds a 60% controlling stake, while the remaining interests are owned by BP (BP) with 10%, China National Petroleum with 8%, JODCO/INPEX with 5%, ZhenHua Oil with 4% and GS Energy with 3%.
TotalEnergies said the project targets natural gas production of 1.5 billion cubic feet per day, supporting Abu Dhabi's efforts to expand domestic gas supplies and meet growing energy demand.
Shares of TotalEnergies and BP were down 2% and 3.9% respectively in Wednesday trading.
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