BP joins world's largest gas cap project, boosting Middle East presence

BP secured a 10% stake in the Bab Gas Cap project through a concession agreement with the Abu Dhabi National Oil Co. (ADNOC).

The development is the largest gas cap project globally. It will produce up to 1.5 billion cubic feet of natural gas per day.

BP will also serve as the asset lead for the Bab Oil Field. TotalEnergies acquired a separate 10% stake in the project.

This acquisition aligns with BP's strategy to diversify its energy portfolio. The company aims to increase its global natural gas production.