UAE's ADNOC to acquire 30% stake in Total Energy's gas fields in the Caspian Sea

Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 30% stake in the Absheron gas and condensate field operated by Total Energy in the Caspian Sea for an undisclosed fee, according to an Aug. 4 report on the Offshore Energy website.

Upon completion of the deal, ADNOC will own 30% of the Absheron gas field, with SOCAR and Total Energy each holding 35%.

The offshore field is located approximately 100 kilometers southeast of Baku.

Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC, said, "With global demand for natural gas expected to grow steadily over the coming decades, ADNOC will continue to meet the world's energy needs through the development and production of natural gas from world-class assets such as Absheron. We are confident that our strategic partnership with SOCAR and Total Energy will unlock the potential of the Caspian Sea region for decades to come and complement the broader energy cooperation between the UAE and Azerbaijan, which will accelerate the growth of the global renewable energy sector as both countries sharpen their focus on making the transition to a low-carbon future a practical one".

"Total Energy welcomes the entry of one of its strategic partners, ADNOC, into the Absheron gas field, where the first phase of production began in early July and offers significant potential for further development to meet the growing demand for natural gas," said Nicolas Terraz, President, Exploration and Production, Total Energy ".

The first phase of the Absheron gas field development commenced last month with the connection of subsea production wells to a new gas processing platform, which is linked to SOCAR's existing facilities on the ground.

The field has a production capacity of 4 million cubic meters of gas and 12,000 barrels of condensate per day. The gas will be sold in Azerbaijan's domestic market.