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TotalEnergies Secures Minority Stake in Bab Gas Cap Development Project in UAE

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French energy company TotalEnergies (TTE.PA, TTE.L) acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, United Arab Emirates.

Abu Dhabi National Oil Co., d/b/a Adnoc, holds a majority interest in the concession with a 60% stake and will operate it through its Adnoc Onshore unit, according to a Wednesday release. The project targets a production capacity of 1.5 billion cubic feet per day.

Other partners in the concession include British energy giant BP (BP.L) with a 10% stake, China National Petroleum Corp., or CNPC, with an 8% interest, Inpex/Jodco with a 5% interest, while ZhenHua Oil and GS Energy hold 4% and 3% stakes, respectively.

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