TotalEnergies (TTE) to Acquire 10% Stake in Bab Gas Cap Concession in Abu Dhabi

TotalEnergies SE (NYSE:TTE) is one of the 10 integrated oil and gas companies to invest in according to hedge funds.

On June 24, TotalEnergies SE (NYSE:TTE) agreed to a 10% interest in the Bab Gas Cap Concession based in Abu Dhabi. ADNOC, which has a 60% stake, is currently operating this concession. Other stakeholders of the concession include GS Energy (3%), ZhenHua (4%), JODCO/INPEX (5%), CNPC (8%), and BP (10%).

With a planned capacity of 1.5 billion cubic feet per day, the partners will be able to utilize the Bab onshore field for the development of substantial gas cap resources.  It expands upon the 40-year renewal agreement of the Onshore Oil Concession, which was executed back in 2015.

Subsequently, TotalEnergies pursued the advancement of the Bab Gas Cap in collaboration with ADNOC and its partners, which now offers substantial growth prospects. The project is also in line with Abu Dhabi’s plan to increase gas output and production of liquids from condensate sources while strengthening its LNG value chain, particularly the Ruwais LNG project, in which TotalEnergies holds a 10% stake.

TotalEnergies SE (NYSE:TTE) is an integrated energy company. It produces and markets natural gas, biogas, oil, and biofuel. It is also involved in the production and selling of renewables, low-carbon hydrogen and electricity.

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