BP will become the manager of Bab, one of the six major fields making up Adco.

The UK supermajor has agreed to issue new ordinary shares to Abu Dhabi worth $2.20 billion to pay for its stake.

France’s Total was the first European company to secure a 10% stake in Adco in 2015 by making a cash payment of $2 billion.

BP thus becomes a 10% shareholder of Adco alongside Total, Japan’s Inpex and GS Energy of South Korea who hold interests of 10%, 5% and 3% respectively.

Adnoc,