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ADNOC to buy 30% stake in Absheron gas field in the Caspian Region

The partnership will enable ADNOC to facilitate a route into attractive international growth markets for gas in Europe and Central Asia

DUBAI, August 4. /TASS/. ADNOC will buy a 30% equity stake in the development project of the Absheron gas and condensate field in the Caspian Region, the UAE company said on its website.

ADNOC made an agreement with the Azerbaijani SOCAR and TotalEnergies, with each of them holding 50% in the project now. ADNOC will buy out 15% of shares from each of SOCAR and TotalEnergies. Following completion of the deal subject to approval by the Azerbaijani regulator, SOCAR and TotalEnergies will have 35% each and ADNOC will hold 30%. The transaction amount is not disclosed.

"The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential, facilitating a route into attractive international growth markets for gas in Europe and Central Asia," the company noted.

The Absheron field is located in the Caspian Sea, 100 km away from Baku, the capital of Azerbaijan, at the depth of 500 meters.