Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 30% stake in the TotalEnergies-operated Absheron gas and condensate field in the Caspian Sea, for an undisclosed fee.
Upon completion of the transaction, ADNOC will own a 30% stake in Absheron, with SOCAR and TotalEnergies holding 35% stakes respectively.
The offshore field is located around 100 km south-east of Baku.
Musabbeh Al Kaabi, Executive Director, Low Carbon Solutions and International Growth at ADNOC, said: “With global gas demand expected to steadily increase over the coming decades, ADNOC will continue to responsibly meet the world’s energy needs by developing and producing natural gas from world-class assets such as Absheron.
"We believe this strategic partnership with SOCAR and TotalEnergies, unlocks the potential of the Caspian region for decades to come, and complements a broader energy collaboration between the UAE and Azerbaijan that will accelerate the growth of the global renewable energy sector, as both countries take bold steps to transition towards a lower-carbon future.”
“TotalEnergies is pleased to welcome ADNOC, one of its strategic partners, into the Absheron gas field, where production of the first phase started in early July, and which offers a significant further development potential to meet the growing gas demand,” said Nicolas Terraz, President, Exploration & Production at TotalEnergies.
This first phase of Absheron development, brought online last month, connects a subsea production well to a new gas processing platform linked to SOCAR’s existing facilities in Oil Rocks.
It has production capacity of 4 million cubic meters of gas per day and 12,000 barrels a day of condensate. The gas will be sold on the domestic market in Azerbaijan.
Credit: TotalEnergies (File Image)