SOCAR and the French oil and gas company “TotalEnergies” have closed a deal to sell ADNOC from the UAE a 15% stake in the “Absheron” gas field development project in the Azerbaijani sector of the Caspian Sea, “TotalEnergies” announced.
“The deal on the sale of 15% shares in the project to ADNOC by SOCAR and “TotalEnergies” was closed in February this year. Thus, with the closing of the transaction, the share of the French company and SOCAR in the project will amount to 35% each, ADNOC – 30%,” the company noted.
In August 2023, ADNOC signed an agreement with SOCAR and the French company “TotalEnergies” to acquire a total 30% stake in the “Absheron” gas condensate field.
The “Absheron” field, located about 100 km southeast of Baku in the Azerbaijani sector of the Caspian Sea, is operated by JOCAP, a joint operating company of “Absheron” Petroleum. The first gas from “Absheron” was received in early July 2023.
According to the Ministry of Energy of Azerbaijan, about 800 mcm of gas were produced at the “Absheron” field in 2023, these figures amounted to 400 mcm in the first quarter of 2024.
