TotalEnergies and SOCAR Divest Stake in Absheron Gas Field to ADNOC

TotalEnergies and SOCAR Divest Stake in Absheron Gas Field to ADNOC

(IN BRIEF) TotalEnergies and its partner SOCAR have signed an agreement to sell a 15% participating interest each in the Absheron gas field to ADNOC. Following the completion of this transaction, TotalEnergies will retain a 35% interest in the Absheron gas field, alongside SOCAR (35%) and ADNOC (30%). The Absheron gas and condensate field, located in the Caspian Sea and operated by JOCAP, has already started production in its first phase.

(PRESS RELEASE) PARIS, 5-Aug-2023 — /EuropaWire/ —TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) have signed an agreement to sell a 15% participating interest each in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company).

After completion of this transaction, which is subject to the approval by the relevant authorities, TotalEnergies will own a 35% interest in Absheron gas field, alongside SOCAR (35%) and ADNOC (30%).

Absheron gas and condensate field is located in the Caspian Sea and operated by JOCAP (Joint Operating Company of Absheron Petroleum).

“TotalEnergies is pleased to welcome ADNOC, one of its strategic partners, into the Absheron gas field, where production of the first phase started in early July, and which offers a significant further development potential to meet the growing gas demand”, said Nicolas Terraz, President, Exploration & Production at TotalEnergies.

About TotalEnergies in Azerbaijan

TotalEnergies has been present in Azerbaijan since 1996, where it is a 50% partner of SOCAR in the Absheron gas and condensate field and holds a 5% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

Cautionary Note
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SOURCE: TotalEnergies