Adnoc’s international upstream expansion plans have gained traction with the firm announcing on 4 August that it is to farm into Azerbaijan’s Absheron gas field alongside TotalEnergies and Azeri state firm Socar. With the planned joint Adnoc/BP purchase of a 50% stake in Israel’s NewMed Energy progressing slowly (MEES, 9 June), the Absheron deal will mark Adnoc’s first overseas upstream entry when it closes (MEES, 4 August).
The field is operated by Joint Operating Company of Absheron Petroleum (Jocap), which following the conclusion of the deal will be owned by TotalEnergies (35%), Socar (35%) and Adnoc (30%). The first phase started production in early July, and Socar says capacity is 1.46bcm/y of natural gas and 12,000 b/d of condensate. A second phase to significantly ramp up capacity up to 5bcm/y is under consideration. (CONTINUED - 1006 WORDS)
