SOCAR makes international upstream debut with stake in Abu Dhabi

ABU DHABI, May 31, 2024 – Azerbaijan’s SOCAR has acquired a 3% stake in the SARB and Umm Lulu concession offshore Abu Dhabi from ADNOC, the Emirati NOC announced on Friday.

The acquisition marks the first international investment made by SOCAR, company president Rovshan Najaf said.

The concession holds the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel fields. Umm Lulu ranks among the emirate’s largest offshore oilfields.

ADNOC awarded the stake from its own interest, which will drop to 57%.

ADNOC highlighted its track record of collaboration with SOCAR, including its acquisition of a 30% equity stake in 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.

“We are committed to advance our energy partnership with ADNOC even further and continue cooperating in many more projects of mutual interest,” Najaf said.

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