In this photo, oil pumps and rigs can be seen at a field by the Caspian Sea near Baku, Azerbaijan. TotalEnergies SE and its partner SOCAR (State Oil Co. of the Republic of Azerbaijan) have signed an agreement in which each will sell a 15% participating interest in the Absheron gas field to Abu Dhabi National Oil Co. (ADNOC). (Source: Shutterstock.com)
TotalEnergies SE and its partner SOCAR (State Oil Co. of the Republic of Azerbaijan) have signed an agreement in which each will sell a 15% participating interest in the Absheron gas field to Abu Dhabi National Oil Co. (ADNOC).
After the transaction closes, TotalEnergies will own a 35% interest in Absheron gas field, SOCAR 35% and ADNOC 30%. The deal is subject to the approval by the relevant authorities.
Absheron gas and condensate field is located in the Caspian Sea and operated by JOCAP (Joint Operating Co. of Absheron Petroleum).
“TotalEnergies is pleased to welcome ADNOC, one of its strategic partners, into the Absheron gas field, where production of the first phase started in early July, and which offers a significant further development potential to meet the growing gas demand,” said Nicolas Terraz, president of E&P at TotalEnergies.
TotalEnergies has been active in Azerbaijan since 1996, where it is a 50% partner with SOCAR in the Absheron gas and condensate field and holds a 5% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline.
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