Adnoc’s first international upstream project is performing strongly, helping ease the blow of derailed plans to enter Israel via an investment in NewMed (MEES, 15 March). The firm agreed to acquire a 30% stake in Azerbaijan’s Absheron offshore gas field from TotalEnergies and Socar in August (MEES, 4 August 2023), and the deal closed in February. The post-transaction shareholders are Total (35%), Socar (35%) and Adnoc (30%).
The first phase started production in early July, with capacity of 1.46bcm/y of natural gas and 12,000 b/d of condensate. Total confirms that output is at capacity, and its net output for last year was 53mn cfd and 5,000 b/d of liquids. A second phase to significantly ramp up capacity to 5bcm/y is planned, but awaiting FID. (CONTINUED - 179 WORDS)
