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All but one of the firm’s operational rigs are currently deployed in Abu Dhabi, with most serving its parent company. However, by the end of 2024, the company will have enough rigs to deploy outside of the United Arab Emirates too, Salem said. It will spend $750-950 million to acquire 15 rigs this year.
According to ADNOC CEO Al-Jaber, it is unlikely that global carbon reduction targets can be met unless the world cuts energy demand.
A joint venture between BP and the UAE’s ADNOC looks like it might be step towards some sort of positive working arrangement between the U.S. and its allies on the one side and one of the most important Arab states on the other side
Bp will contribute its interests in three development concessions, as well as exploration projects in Egypt to the venture, according to a statement. ADNOC will provide cash to help fund future growth opportunities, the company said, without providing a value.
(Bloomberg) -- BP Plc and Abu Dhabi National Oil Co. agreed to form a joint venture in Egypt to focus on natural gas, giving the United Arab Emirates access to production in a country that supplies the fuel to Europe.Most Read from BloombergMusk Says Putin Can’t Lose in Ukraine, Opposes Senate BillStanChart Weighs Break Up of Corporate, Investment BankPutin Seeks Revenge on a World Order He Once Wanted to JoinLyft Corrects Earnings Margin Gain to 50 Basis Points From 500Retail Traders Are Losing