SOCAR, TotalEnergies finalize sale of stake in Absheron project to ADNOC

SOCAR and the French oil and gas company TotalEnergies have closed a deal to each sell 15% of shares in the Absheron gas field development project in the Azerbaijani sector of the Caspian Sea to ADNOC from the UAE, Azernews reports, citing TotalEnergies.

The company said that with the closing of the deal, the share of the French company and SOCAR in the project will be 35%, and the share of ADNOC will reach 30%.

In August 2023, ADNOC signed an agreement with SOCAR and the French company TotalEnergies to acquire a 30% stake in the Absheron gas condensate field.

The Absheron field, located approximately 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 extracted at the outset of July 2023.