Azerbaijan energy firm Socar takes 3% in ADNOC's SARB and Umm Lulu offshore concession

Dubai: the Azerbaijani energy company Socar is taking a 3 per cent 'participating interest' stake in the SARB and Umm Lulu offshore concession in Abu Dhabi.

Confirming, the UAE energy entity ADNOC said the deal builds on the 'strategic energy partnership between the UAE and Azerbaijan' and 'deepens ADNOC’s growing partnership with Socar across the energy value chain'.

ADNOC retains 57 per cent stake in the SARB and Umm Lulu offshore concession, with OMV and TotalEnergies holding 20 per cent each. Socar now has 3 per cent. (This is also Socar's first international upstream investment.)

ADNOC's earlier tie-ups with Socar include a 30 per cent equity in the Absheron gas and condensate field in the Caspian Sea and a 'strategic collaboration agreement' on the potential development of low carbon energy technologies, including hydrogen and geothermal.

The SARB and Umm Lulu concession deploys the latest 'digitalization and AI technologies for remote monitoring, smart well operations and production management to optimize production efficiency, reduce emissions, enhance safety and increase production capacity'.

According to Abdulmunim Saif Al Kindy, ADNOC's Upstream Executive Director, This award supports ADNOC’s strategy to leverage strategic partnerships and advanced technologies to maximize value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy.”