Adnoc awarded Azerbaijan’s state company Socar a 3% stake in its Sarb & Umm Lulu offshore concession on 31 May. The award will drop Adnoc’s holding to 57%, with TotalEnergies and OMV holding 20% each. Output from the concession averaged a record 250,000 b/d in Q1 according to OMV’s filings.
The award marks Socar’s entry into the UAE’s offshore and further strengthens its burgeoning relationship with Adnoc. The Emirati state firm partners with Socar and TotalEnergies in Azerbaijan’s Absheron gas field, after Adnoc acquired a 30% stake there last year (MEES, 19 April). Azerbaijan and the UAE also enjoy warm political relations, while Abu Dhabi state renewables firm Masdar is developing 1GW of wind and solar capacity there. (CONTINUED - 170 WORDS)