Abu Dhabi National Oil Company (ADNOC) has announced a new partnership with the State Oil Company of the Republic of Azerbaijan (SOCAR) to transfer a stake in two fields at a concession off the coast of the UAE. This marks SOCAR’s first international upstream investment venture.
As part of the agreement, SOCAR will acquire a 3% participating interest in the SARB and Umm Lulu offshore concession, further strengthening the collaboration between the UAE and Azerbaijan in the energy sector. ADNOC’s Upstream Executive Director, Abdulmunim Saif Al Kindy, expressed his satisfaction with the deal, highlighting the company’s strategy to maximize the value of Abu Dhabi’s energy resources through partnerships and advanced technologies.
The SARB and Umm Lulu fields utilize digitalization and artificial intelligence (AI) to improve production efficiency, reduce emissions, enhance safety, and increase production capacity. SOCAR’s President, Rovshan Najaf, emphasized the importance of the investment in Abu Dhabi and the commitment to advancing the energy partnership with ADNOC.
This collaboration builds on previous joint efforts between the two companies, including ADNOC’s stake in the Absheron gas field and a collaboration on low carbon energy technologies. ADNOC has also expanded its energy portfolio with recent acquisitions in the U.S. and Mozambique, as well as ongoing projects like the Ruwais LNG project in Abu Dhabi.
The partnership between ADNOC and SOCAR signifies a significant step towards enhancing energy cooperation and advancing technological innovation in the sector.