UAE’s ADNOC plans to acquire 30% stake in Absheron gas field

Abu Dhabi National Oil Company (ADNOC) would acquire a 30 percent equity stake in the Absheron gas and condensate field in the Caspian Sea off the coast of Baku, Azerbaijan, according to its statement on Friday.

Under the agreement, the Azeri state oil company SOCAR and TotalEnergies will each own 35 percent in the field. TotalEnergies had announced the start of gas delivery from Absheron in July.

As part of the partnership, ADNOC and SOCAR signed a MoU to evaluate potential areas of collaboration in renewable energy, low-carbon solutions, and upstream projects in the UAE, Azerbaijan, and internationally.