In this photo, oil pumps and rigs can be seen at a field by the Caspian Sea near Baku, Azerbaijan. TotalEnergies SE and its partner SOCAR (State Oil Co. of the Republic of Azerbaijan) have signed an agreement in which each will sell a 15% participating interest in the Absheron gas field to Abu Dhabi National Oil Co. (ADNOC). (Source: Shutterstock.com)
TotalEnergies SE and its partner SOCAR (State Oil Co. of the Republic of Azerbaijan) have signed an agreement in which each will sell a 15% participating interest in the Absheron gas field to Abu Dhabi National Oil Co. (ADNOC).
After the transaction closes, TotalEnergies will own a 35% interest in Absheron gas field, SOCAR 35% and ADNOC 30%. The deal is subject to the approval by the relevant authorities.
Absheron gas and condensate field is located in the Caspian Sea and operated by JOCAP (Joint Operating Co. of Absheron Petroleum).
“TotalEnergies is pleased to welcome ADNOC, one of its strategic partners, into the Absheron gas field, where production of the first phase started in early July, and which offers a significant further development potential to meet the growing gas demand,” said Nicolas Terraz, president of E&P at TotalEnergies.
TotalEnergies has been active in Azerbaijan since 1996, where it is a 50% partner with SOCAR in the Absheron gas and condensate field and holds a 5% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline.
Recommended Reading
Riverstone’s Leuschen Plans to IPO Methane-Mitigation-Focused SPAC
2025-01-21 - The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.
Independence Contract Drilling Emerges from Chapter 11 Bankruptcy
2025-01-21 - Independence Contract Drilling eliminated more than $197 million of convertible debt in the restructuring process.
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.