BP today signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi’s ADCO onshore oil concession, which has a life of 40 years.

BP announced that it has agreed to buy from Eni a 10% interest in the Shorouk concession offshore Egypt, which contains the super-giant Zohr gas field, for $375 million.

The UK-listed oil majors both said they were planning for prices per barrel in the low $50s in 2017 — only a little above current levels — in a sign of the industry adapting to “lower-for-longer” market conditions.

Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.

BP estimated its share of Rosneft net income for the third quarter to be $120 million5, compared with $246 million for 2Q 2016 and $382 million for 3Q 2015. In July BP received a dividend of $332 million, representing 35% of BP’s share of Rosneft’s 2015 IFRS net income.

We expect global GDP to more than double over the next 20 years, while energy demand increases by only 30%. The difference between those two things is improving energy efficiency or declining energy intensity. That is critical in underpinning the shift we expect to see in the rate of growth of carbon emissions. We think the energy intensity of GDP will decline much more rapidly than we’ve ever seen before.

"We can operate in the $50 range, we have to," he said, adding that the business needs to be resilient to price cycles, can adapt and is agile.

Attracting strategic investors will give additional momentum to the development of Srednebotuobinskoye field, one of the largest oil and gas condensate fields in East Siberia, currently producing about 22 thousand barrels of oil per day. Partners within the joint project plan to create the infrastructure for further exploration and development of the reserves in the region.

The agreements were signed at the Eastern Economic Forum (EEF) in Vladivostok, Russia by Rosneft CEO Igor Sechin, the president of BP Russia David Campbell and Schlumberger’s regional president Gokhan Saygi.

“Combining CNPC’s operational expertise with BP’s technology and experience, we now expect to leverage the synergies between these blocks. This new PSC clearly demonstrates our continued commitment to invest in projects in China which will deliver long-term value to BP, to our Chinese partners and, most importantly, to the country.”