The United Arab Emirates awarded an oil concession to companies from Pakistan for the first time.
Adnoc is expanding its fields and inviting partners to develop new deposits as Abu Dhabi — the biggest emirate in the UAE — seeks to boost production capacity by roughly 25% to 5 million barrels a day by 2030. For Pakistan, the the world’s fifth-most populous nation, the deal could help lock in additional supplies as its energy demand increases.
Unlike Saudi Arabia and most other Gulf OPEC members, Abu Dhabi has international companies as equity investors in its oil and gas fields. Over the past decade, the emirate has brought in firms from Asia, where oil demand is growing rapidly. Chinese, South Korean and Indian companies have all taken stakes in production and exploration blocks.