BP is taking a 10pc stake in Abu Dhabi's largest onshore oil and gas concession, Adco, in exchange for approximately 2pc in the major's public shares. The agreement nearly triples BP's share of crude production in Abu Dhabi to 260,000 b/d from 95,000 b/d. And it makes Abu Dhabi state-owned investment firm Mubadala, which will hold the BP stock on behalf of the government, one of the major's largest shareholders. BP was a partner to the previous 75-year Adco concession that expired in 2014, but was wary of paying the steep $2.2bn signature bonus to join Adco when a new concession was issued for 40 years in 2015. BP is now agreeing to give Abu Dhabi its company stock in lieu of the cash signature bonus.
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