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
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Dividends Declared Sept.16 through Sept. 26
2024-09-27 - Here is a compilation of dividends declared from select upstream, midstream and service and supply companies.
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.