TotalEnergies, SOCAR sell stake in Absheron gas field to ADNOC

France's TotalEnergies and its partner SOCAR have signed an agreement to sell a 15% participating interest each in the Absheron gas field in the Caspian Sea to UAE's ADNOC, the French company announced on August 4. Financial details of the transaction were not disclosed.

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

The Absheron gas and condensate field is situated in the Caspian Sea and is operated by the Joint Operating Company of Absheron Petroleum. The first phase of development at the Absheron field commenced production in early July.

“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.

ADNOC in a separate statement said that the 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. 

Musabbeh Al Kaabi, executive director, low carbon solutions and international growth at ADNOC, said: “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 UAE and Azerbaijan that will accelerate the growth of the global renewable energy sector, as both countries take bold steps to transition towards a lower-carbon future.”