GS Holdings

GS Holdings Corp. reported a sharp rise in second-quarter net income attributable to shareholders of the parent company, which climbed to KRW 1.06 trillion from KRW 38 billion a year earlier. Operating income jumped to KRW 1.72 trillion from KRW 486 billion, while sales increased to KRW 7.41 trillion from KRW 5.93 trillion. The South Korean investment holding company disclosed the results on Tuesday.

BP has signed an agreement with ADNOC and other partners to develop the Bab Gas Cap project in the United Arab Emirates, taking a 10% stake. ADNOC will hold a 60% majority stake, with TotalEnergies also at 10%, CNPC International at 8%, INPEX at 5%, China ZhenHua Oil at 4%, and GS Energy at 3%. The project aims to produce up to 1.5 billion cubic feet of natural gas per day from the onshore Bab field, one of Abu Dhabi's largest onshore oil fields, and will support domestic gas and condensate production as well as strengthen ADNOC's LNG exports, including the Ruwais LNG project. This marks BP's first direct access to upstream natural gas resources in Abu Dhabi, and the company will act as the asset lead for the project.