The Supreme Council for Financial and Economic Affairs has granted a concession agreement for the development and production of the gas cap at Bab field to Abu Dhabi National Oil Company (ADNOC) with a 60% stake and its group of international partners: TotalEnergies at 10%, BP Abu Dhabi at 10%, CNPC International (Hong Kong Special Administrative Region) at 8%, Jodco Onshore at 5%, China Zhenhua Oil (Hong Kong Special Administrative Region) at 4%, and Korea GSE&P at 3%.
The Bab field gas cap development and production agreement represents the largest project of its kind in the world, reinforcing the United Arab Emirates' role in the energy sector as a global hub for long-term investments and a reliable energy supplier.
The project's production capacity is expected to reach 1.5 billion standard cubic feet of natural gas per day, equivalent to approximately 15% of ADNOC Gas's total operational gas processing capacity. This underscores the project's strategic importance in contributing to the country's gas self-sufficiency, supporting the development of its petrochemicals sector, and bolstering ADNOC's plans to expand its liquefied natural gas exports.
The project reflects the Council's commitment to supporting the sustainable development of natural resources in a manner that achieves maximum strategic and economic value and supports long-term national priorities.
Since its establishment, the Supreme Council for Financial and Economic Affairs has played a key role in formulating the emirate's policies on financial, investment, economic, petroleum, and natural resources affairs, overseeing their implementation, and ensuring their alignment with the emirate's comprehensive strategies. The Council monitors the performance of entities involved in the oil and gas sector, including ADNOC, in a way that contributes to achieving the emirate of Abu Dhabi's targets and building a bright and sustainable future for coming generations.