Azerbaijan energy firm Socar takes 3% in ADNOC’s SARB and Umm Lulu offshore concession

  • Date: 31-May-2024
  • Source: Gulf News
  • Sector:Oil & Gas
  • Country:UAE
  • Who else needs to know?

Azerbaijan energy firm Socar takes 3% in ADNOC’s SARB and Umm Lulu offshore concession



ADNOC retains 57 per cent stake in the SARB and Umm Lulu offshore concession, with OMV and TotalEnergies holding 20 per cent each. Socar now has 3 per cent. (This is also Socar's first international upstream investment.)

ADNOC's earlier tie-ups with Socar include a 30 per cent equity in the Absheron gas and condensate field in the Caspian Sea and a 'strategic collaboration agreement' on the potential development of low carbon energy technologies, including hydrogen and geothermal.

The SARB and Umm Lulu concession deploys the latest 'digitalization and AI technologies for remote monitoring, smart well operations and production management to optimize production efficiency, reduce emissions, enhance safety and increase production capacity'.

According to Abdulmunim Saif Al Kindy, ADNOC's Upstream Executive Director, This award supports ADNOC’s strategy to leverage strategic partnerships and advanced technologies to maximize value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy.”

Azerbaijan energy firm Socar takes 3% in ADNOC's SARB and Umm Lulu offshore concession