ADNOC to acquire 30% equity stake in Absheron Gas Field

ADNOC to acquire 30% equity stake in Absheron Gas Field

Strategic partnership with SOCAR and long-standing partner TotalEnergies to create a substantial gas position enabling strong future growth potential in the Caspian region

Landmark investment cements UAE-Azerbaijan energy partnership, and builds on existing renewable energy capacity agreements, as part of shared energy transition agenda

Abu Dhabi, UAE: Abu Dhabi National Oil Company (ADNOC), the State Oil Company of Azerbaijan (SOCAR) and TotalEnergies today announced a strategic transaction that will see ADNOC acquire a 30% equity stake in the Absheron gas and condensate field in the Caspian Sea. ADNOC’s investment into the Caspian region aims to create a substantial growth position as it enters the international gas market, and reinforces the energy partnership between the United Arab Emirates (UAE) and Azerbaijan. Financial details of the transaction are not being disclosed.

Upon completion of the transaction, which is subject to customary regulatory approvals, ADNOC will own a 30% participating interest in Absheron, with SOCAR and TotalEnergies holding 35% stakes respectively. Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron. The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant