ADNOC to acquire 30% equity stake in Absheron gas field

ADNOC to acquire 30% equity stake in Absheron gas field

ABU DHABI, 4th August, 2023 (WAM) -- 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 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 growth potential, facilitating a route into attractive international growth markets for gas in Europe and Central Asia.

The landmark transaction further solidifies the strategic bilateral energy partnership between the UAE and Azerbaijan. As the world transitions to a low-carbon energy system, natural gas will play