Offshore staff
PARIS, France — TotalEnergies and partner SOCAR have agreed to each sell a 15% interest in the newly onstream Absheron Field in the Azerbaijani sector of the Caspian Sea to ADNOC.
Pending approval from the relevant authorities, TotalEnergies and SOCAR will each be left with 35% stakes alongside ADNOC (30%).
Absheron is a gas and condensate field operated by JOCAP (Joint Operating Co. of Absheron Petroleum).
First-phase production started in early July, with “significant further development potential to meet the growing gas demand,” said Nicolas Terraz, president, Exploration & Production at TotalEnergies.
ADNOC said joining the partnership would allow it “to build a major footprint in a region with prolific natural resources and significant growth potential, facilitating a route into attractive international growth markets for gas in Europe and Central Asia.”
The transaction also consolidates the bilateral energy partnership between the UAE and Azerbaijan, ADNOC added, and complements its investment via through Masdar to develop 10 GW of renewable energy capacity from solar, onshore and offshore wind, and green hydrogen in collaboration with SOCAR.
08.04.2023
