Today's Edition
ABU DHABI (ALETIHAD)
The Supreme Council for Financial and Economic Affairs (SCFEA) has announced the award of the concession agreement for the development and production of the Bab Gas Cap to Abu Dhabi National Oil Company (ADNOC) and its partners.
ADNOC which will hold a 60 per cent participating interest, together with its international partners: TotalEnergies EP Holdings UAE B.V. (10 per cent), BP Abu Dhabi (10 per cent), CNPC International (Hong Kong SAR) (8 per cent), JODCO Onshore (5 per cent), China ZhenHua Oil (Hong Kong SAR) (4 per cent) and Korea GS E&P Pte. (3 per cent).
The Bab Gas Cap Development and Production Concession represents the largest gas cap development project of its kind in the world, reinforcing the United Arab Emirates' role as a trusted destination for long-term global investment and a reliable energy supplier.
The project is expected to have a production capacity of approximately 1.5 billion standard cubic feet per day (BSCFD) of natural gas, representing approximately 15 per cent of ADNOC Gas' total operational gas processing capacity. This underscores the strategic significance of the project, which is expected to contribute to the UAE's gas self-sufficiency, support the continued development of the country's petrochemicals sector and advance ADNOC's plans to expand its liquefied natural gas (LNG) export capacity.
The project reflects the council's commitment to promoting the sustainable development of the emirate's natural resources in a manner that maximises their strategic and economic value while supporting the UAE's long-term national priorities.
Since its inception, SCFEA has been central to shaping the emirate’s policies related to finance, investment, the economy, petroleum, and natural resources. The council oversees the implementation of these policies, ensuring they align with broader strategies, and monitors the performance of relevant entities within the oil and gas sector, including ADNOC.
SCFEA is committed to supporting Abu Dhabi’s objectives to ensure a bright and sustainable future for generations to come.
