Abu Dhabi’s ADNOC to acquire 30% in Azerbaijan’s Absheron gas field

Abu Dhabi’s ADNOC to acquire 30% in Azerbaijan’s Absheron gas field

UAE oil giant Abu Dhabi National Oil Company (ADNOC) said it would acquire a 30% stake in Azerbaijan’s Absheron gas and condensate field in the Caspian Sea.

The State Oil Company of Azerbaijan (SOCAR) and TotalEnergies will each keep a 35% stake in the field in the transaction, which marks the UAE oil company’s entry into the international gas market.

A statement from ADNOC said financial details of the deal are not being disclosed but said TotalEnergies and SOCAR had previously owned 50% stakes in the field.

(Writing by Imogen Lillywhite; editing by Brinda Darasha)

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