ADNOC acquires 30% stake in Abshirun gas field in Azerbaijan

ADNOC, National Oil Company of Azerbaijan, SOCAR and TOTAL ENERGIES announced yesterday a strategic deal under which ADNOC will acquire a 30% stake in the Absheron gas field in Azerbaijan.

By investing in this region, ADNOC aims to enhance its presence and growth potential in the global gas markets and strengthen the partnership between the UAE and the Republic of Azerbaijan in the energy sector.

Upon completion of the transaction, subject to the approvals of the respective regulators, ADNOC will hold a 30% stake in the Absheron gas field, while SOCAR and Total Energies have a 35% stake each.

The strategic partnership with SOCAR strengthens long-term cooperation between ADNOC and Total Energies, which, pending completion of the transaction, holds a 50% stake in the Absheron field along with SOCAR.

This partnership will enable ADNOC to consolidate its presence in a region with abundant natural resources and promising growth potential, paving the way for it to access attractive international gas markets in Europe and Central Asia with sustained growth. This historic deal contributes to the strengthening and expansion of the UAE’s strategic energy partnership with Azerbaijan.

As the world becomes a low-carbon energy system, natural gas will play a key role as an important transitional fuel during the transition phase of the energy sector, enhancing ADNOC’s leading position as a reliable low-emission energy supplier.

The deal is a complement to ADNOC’s investment through Masdar in the development of renewable energy projects aimed at producing 10 GW of solar, terrestrial and offshore wind and green hydrogen sources in collaboration with SOCAR, in support of the UAE and Azerbaijan’s common agenda to enable transition in the energy sector.