Paris, – 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.
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.