British-Emirati Collaboration to Develop Gas Fields in the Middle East

The Chief Financial Officer of British Petroleum (BP) announced today, Tuesday, that the company will transfer assets to a new joint venture it is establishing with the Abu Dhabi National Oil Company (ADNOC), focusing on developing new gas sources in the Eastern Mediterranean. The two companies mentioned in March that they submitted a bid to acquire a 50 percent stake in Israeli company NewMed Energy, which produces gas from offshore fields, for around two billion dollars, and that they are creating a joint project. The company previously announced a growth in first-quarter profits to five billion dollars.