BP Plc swapped about $2.2b of its own shares for a stake in one of the Abu Dhabi’s largest onshore oil concessions. Mubadala Development Company, the emirate’s government strategic investment company, will hold Abu Dhabi’s new stake in the british oil major, Bloomberg reported.

BP and Abu Dhabi Company for Onshore Oil Operations (Adco) concluded the deal mid December, where Adoc will get a 2% stake in BP, in exchange for a 10% stake in the company’s onshore concession that accounts for a little more than half of Abu Dhabi’s 3.1mb/d of output, according to The National.

As a result of the agreement, Adoc has become one of BP’s largest shareholders. Furthermore, the deal promises BP additional cash flow and revenue following a downturn that has forced the industry to slash billions of dollars of investments worldwide in the past two years. The payment in shares also helps BP preserve its own cash and maintain a balance sheet that has seen debt and leverage rise during the oil-price collapse.

The BP stake in the oil concession will be viewed as more of a passive investment. It is not yet clear whether Abu Dhabi will seek BP board representation. Adco’s parent, Abu Dhabi National Oil Company (Adnoc), negotiated the deal that included the BP stake as well as terms for its participation in Adco and operation of Bab, one of the six main oilfields in the concession.