Abu Dhabi, UAE — Abu Dhabi National Oil Company (ADNOC), the State Oil Company of Azerbaijan (SOCAR) and TotalEnergies today announced a strategic transaction that will see ADNOC acquire a 30 percent equity stake in the Absheron gas and condensate field in the Caspian Sea.
Financial details of the transaction are not being disclosed. Upon completion of the transaction, which is subject to customary regulatory approvals, ADNOC will own a 30 percent participating interest in Absheron, with SOCAR and TotalEnergies holding 35 percent stakes each.
Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
The partnership will enable ADNOC 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, ADNOC said.
The transaction also complements ADNOC’s investment through Masdar to develop 10 GW of renewable energy capacity from solar, onshore and offshore wind, and green hydrogen in collaboration with SOCAR, supporting both nations’ shared energy transition agenda.
Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC, said, “We believe this strategic partnership with SOCAR and TotalEnergies, unlocks the potential of the Caspian region for decades to come and complements a broader energy collaboration between the UAE and Azerbaijan that will accelerate the growth of the global renewable energy sector as both countries take bold steps to transition towards a lower-carbon future.
