Abu Dhabi National Oil Co. (ADNOC) has acquired a 30% total equity stake in Absheron gas and condensate field, 15% from TotalEnergies and 15% from State Oil Co. of the Azerbaijan Republic (SOCAR). Financial details were not disclosed.
Absheron field lies in the Caspian Sea and is operated by JOCAP (Joint Operating Company of Absheron Petroleum). Production of the first phase began in early July (OGJ Online, July 10, 2023). The first phase connects a subsea production well to a new gas processing platform linked to SOCAR’s existing infrastructure in Oil Rocks field. It has production capacity of 4 MMcmd of gas and 12,000 b/d of condensate. Gas will be sold on the domestic market in Azerbaijan.
After completion of this transaction, which is subject to approval by relevant authorities, TotalEnergies will own a 35% interest in Absheron gas field, alongside SOCAR (35%) and ADNOC (30%).