ADNOC acquires stake in Azerbaijan gasfield

ADNOC is moving to acquire a 30% stake in the Absheron gas and condensate field in Azerbaijan’s Caspian Sea, the Emirati NOC announced on Friday.

Upon completion, ADNOC will hold a 30% participating interest in the field alongside partners TotalEnergies and Azerbaijani NOC SOCAR, which will hold 35% stakes each.

Previously TotalEnergies held an operating 50% stake alongside SOCAR with the remaining stake.

The deal is subject to regulatory approvals.

“We believe this strategic partnership with SOCAR and TotalEnergies will unlock 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,” said Musabbeh Al Kaabi, executive director of low carbon solutions and international growth of ADNOC.

In July 2023, TotalEnergies brought the Absheron gasfield on stream, with a production capacity of 4 mcm (141 mcf) of gas per day and 12,000 bpd of condensate.

The first phase of the project involved connecting the ABD001 subsea production well to a new shallow-water gas processing platform located near SOCAR’s Oil Rocks field.

The Absheron field is expected to contain recoverable reserves of 350 bcm (12.4 tcf) of gas and 800 million barrels of condensate.

Cost of the transaction was not disclosed.