(From left): SOCAR president Rovshan Najaf and ADNOC upstream executive director Abdulmunim Saif Al Kindy. Credit: Abu Dhabi National Oil Company and the State Oil Company of Azerbaijan Republic.

Abu Dhabi National Oil Company (ADNOC) has reached an agreement to farm out a 3% participating interest in the Satah Al Razboot (SARB) and Umm Lulu concessions to the State Oil Company of Azerbaijan Republic (SOCAR). 

The financial terms of the transaction were not disclosed. 

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The SARB and Umm Lulu fields are located approximately 200km and 30km north-west of Abu Dhabi, respectively. 

According to ADNOC, the SARB and Umm Lulu concession utilises advanced digitalisation and AI technologies including Intelligent Well Surveillance to enhance operational efficiency.  

These technologies are said to facilitate remote monitoring, smart well operations and production management, contributing to optimised production efficiency, reduced emissions and improved safety. 

After the deal, ADNOC now owns a 57% share in the SARB and Umm Lulu oil fields, with 20% shares held by French energy company TotalEnergies and Austrian company OMV.  

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This agreement is a continuation of the partnership between ADNOC and SOCAR, which includes ADNOC’s 30% equity stake in the Absheron gas and condensate field in the Caspian Sea and an agreement focusing on the development of low-carbon energy technologies. 

ADNOC upstream executive director Abdulmunim Saif Al Kindy said: “We are very pleased to welcome SOCAR to the SARB and Umm Lulu concession. This award supports ADNOC’s strategy to leverage strategic partnerships and advanced technologies to maximise value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy.” 

SOCAR president Rovshan Najaf said: “This is our first international upstream investment and we are particularly delighted to make this investment in Abu Dhabi, building upon our bilateral strategic relationships.  

“We are committed to advance our energy partnership with ADNOC even further and continue cooperating in many more projects of mutual interest.” 

Last month, ADNOC acquired a 10% equity stake in the Area 4 concession in Mozambique’s Rovuma basin from Galp and secured an 11.7% stake in Phase 1 of the Rio Grande LNG project in Brownsville, Texas, US.