ABU DHABI, UAE — ADNOC has agreed to transfer a 3% interest in the SARB and Umm Lulu offshore concession to Azerbaijan’s state oil and gas company SOCAR.
The agreement builds upon the two companies’ existing collaborations, which include ADNOC's acquisition of a 30% stake in the Absheron gas and condensate field in the Caspian Sea.
They are also assessing potential joint development of low-carbon energy technologies, including hydrogen.
Both the producing SARB and Umm Lulu concession employ digitalization and AI technologies for remote monitoring, smart well operations and production management.
Tools include intelligent well surveillance to allow the wells to operate an optimum rate for improved efficiency.
