Global Energy Roundup: Majors Join UAE Gas, India Eyes $70 Oil, Dangote IPO Frenzy

The United Arab Emirates' national oil company has brought two Western supermajors into a major gas development, according to OilPrice.com. ADNOC signed agreements with BP and TotalEnergies, granting each a 10% stake in the consortium developing the Bab Gas Cap project in Abu Dhabi. The project, described as the largest gas cap development of its kind globally, is expected to produce up to 1.5 billion cubic feet per day of gas. The concession will be operated by ADNOC Onshore, with ADNOC holding 60% and other partners including CNPC, JODCO/INPEX, ZhenHua, and GS Energy. TotalEnergies' CEO stated the project aligns with its strategy by adding "low-cost, low-emissions resources." The development supports the UAE's plan for gas self-sufficiency and LNG export expansion.

Separately, a senior official from India's central bank indicated that sustained oil prices near $70 per barrel could help the country's economy return to 7% growth, OilPrice.com reported. Nagesh Kumar, an external member of the Reserve Bank of India's monetary policy committee, said prices at that level ease tensions and, with a pick-up in tanker traffic at the Strait of Hormuz, would reduce inflationary pressure. The RBI had recently downgraded its growth projection to 6.6% amid Middle East uncertainty. India, which imports over 85% of its oil, is seeking to diversify imports, including record volumes from Russia, to offset lost Middle Eastern supply. As of early Asian trade Thursday, Brent Crude traded just below $73 and WTI Crude was at $69.86.

In Nigeria, the planned initial public offering for the Dangote Petroleum Refinery and Petrochemicals has sparked an "investor frenzy," according to Rigzone. The IPO aims to raise as much as $2 billion, which would make it Africa's biggest. The report states the offering has drawn interest from some of Nigeria's wealthiest people to first-time investors.

For Bakken operators, these global movements highlight interconnected market forces. Major investments in international gas projects by companies like BP and TotalEnergies signal ongoing capital allocation to large-scale hydrocarbon developments. The price sensitivity of major importing economies like India underscores the global demand considerations that ultimately affect the crude price realized for Williston Basin barrels. A significant refinery IPO in Africa also points to continued capital market interest in downstream energy infrastructure.