The Abu Dhabi National Oil Company (ADNOC) announced on Friday that it would acquire a 30% equity stake in a gas field off the coast of Baku, the capital of Azerbaijan.
Upon completion of the transaction, the ADNOC will own a 30% equity stake in the Absheron gas and condensate field, while the stakes held by the State Oil Company of Azerbaijan (SOCAR) and France’s TotalEnergies will shrink to 35% respectively, said ADNOC’s press release.
“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 United Arab Emirates (UAE) and Azerbaijan that will accelerate the growth of the global renewable energy sector, as both countries take bold steps to transition toward a lower-carbon future,” said Musabbeh Al Kaabi, executive director of Low Carbon Solutions and International Growth Directorate at ADNOC.
The company said its investment into the Caspian region aims to create a substantial growth position as it enters the international gas market and reinforces the energy partnership between the UAE and Azerbaijan.
The financial details of the transaction are not being disclosed.