ADNOC has signed an agreement to buy a 30% stake of the Absheron gas and condensate field offshore Azerbaijan. Located in the Caspian Sea, Absheron lies 100km from Baku, in water depths of around 500 metres.
ADNOC's share in the project will come from SOCAR and TotalEnergies' participations in the project (taking 15% of each). Once the transaction is approved and complete, TotalEnergies will own 35% alongside SOCAR (35%) and ADNOC (30%).
With a second development phase currently in place, the Absherson field already produces via an early production system (EPS) tied-in to the Oil Rocks facility. It is estimated that Absheron contains over 350 billion cubic metres (Bcm) of gas and over 100 million metric tonnes of oil equivalent (MMtoe) of condensate.
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