ADNOC to Acquire 30% Stake in Absheron Field

ADNOC to Acquire 30% Stake in Absheron Field

Abu Dhabi National Oil Company (ADNOC) signed an agreement with TotalEnergies and Azerbaijan state-owned SOCAR (State Oil Company of the Republic of Azerbaijan) to obtain 30% interest in the offshore Absheron gas and condensate field.

Absheron gas and condensate field is located in the Caspian Sea and operated by JOCAP (Joint Operating Company of Absheron Petroleum).

According to the transaction, TotalEnergies and SOCAR each will donate 15% of their shares in Absheron field.

The agreement came shortly after TotalEnergies announced the start of production for the first phase of the project which connects a subsea production well to the new gas processing platform, itself linked to SOCAR’s existing facilities at Oil Rocks. It produced a capacity of 4 mmcm/d of gas and 12,000 bbl/d of condensate. Gas is sold on the domestic market in Azerbaijan, while condensate is exported via the Baku-Tbilisi-Ceyhan pipeline at 1 mmbbl/d.

The deal, the first investment of ADNOC in an upstream asset outside of the UAE would strengthen the strategic relationship between the UAE and Azerbaijan and contribute to the latter’s position as a reliable gas supplier as SOCAR noted.

 

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Doaa Ashraf 491 Posts

Doaa is a staff writer with a Bachelor's Degree in Mass Communication, majoring Journalism from Ahram Canadian University. She has 2-3 years of experience in copywriting, and content creation.

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