Adnoc has agreed to purchase a 30% stake in Azerbaijan’s Absheron gas and condensate field in the Caspian Sea. Adnoc stated on 4 August that it will take a 15% stake from each of TotalEnergies and state firm Socar. 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 35,000 boe/d first phase started production in early July.

The move comes as Adnoc is establishing its international upstream portfolio. The first development was a March bid alongside BP to purchase a stake in Israel’s NewMed Energy (MEES, 31 March). The Absheron purchase may well be concluded first given that the Adnoc/BP/NewMed deal is progressing slowly. Speaking on his firm’s Q2 earnings call on 1 August BP CEO Bernard Looney said that the slow progress of that deal “is not a signal of something amiss, so to speak, it’s just that these things take time and the intent remains very clear from all parties, I think, to close this transaction.” (CONTINUED - 204 WORDS)