The UAE oil giant Abu Dhabi National Oil Company (ADNOC) announced that it will acquire a 30% stake in Azerbaijan’s Absheron gas field.
The Absheron gas and condensate field is located in the Caspian Sea.
TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) have agreed to sell a 15% participating interest each in the Absheron gas field to ADNOC.
After regulatory authorities will approve the deal, TotalEnergies will own a 35% interest in the Absheron gas field, alongside SOCAR (35%) and ADNOC (30%).
The partnership will allow ADNOC to build a major footprint in a region with significant growth potential on natural resources and is a center of international growth markets for gas in Europe and Central Asia.
ADNOC and SOCAR also signed a Memorandum of Understanding (MoU), to see areas of collaboration across renewable energy, low-carbon solutions, and upstream projects in the UAE, Azerbaijan, and international markets.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.