A signing ceremony was held between the State Oil Company of Azerbaijan Republic (SOCAR), TotalEnergies, and Abu Dhabi National Oil Company (ADNOC).

The event was attended by the Minister of Economy of the Republic of Azerbaijan and the Chairman of SOCAR`s Supervisory Board Mikayil Jabbarov, SOCAR President Rovshan Najaf, President of TotalEnergies Exploration and Production, Nicolas Terraz, and Executive Director of ADNOC for Low Carbon Solutions and International Growth Musabbeh Al Kaabi.

Delivering welcoming remarks, the Minister of Economy Mikayil Jabbarov underscored the significance of the agreement, expressing confidence that the document will be a critical step in the future development of the Absheron project. He also highlighted that the energy sector of Azerbaijan has significantly bolstered the economic development of our country and the region. Apart from the natural resources, the minister pointed out that the favourable investment environment plays a special role in attracting foreign investments to Azerbaijan.

Subsequently, an agreement was signed for the sale of 30% participating interest in the Absheron gas-condensate field by SOCAR, TotalEnergies and ADNOC.

Upon completion of this transaction, ADNOC will acquire a 30% interest while both SOCAR and TotalEnergies hold a 35% interest each.

This major acquisition is ADNOC's first investment in an upstream asset outside of the United Arab Emirates (UAE) and yet another manifestation of the favourable investment conditions created for foreign investors in Azerbaijan. The deal will further strengthen the strategic relationship between the UAE and Azerbaijan and contribute to the latter’s position as a reliable gas supplier.

The Absheron gas-condensate field, located approximately 100 kilometres southeast of Baku in the Azerbaijani sector of the Caspian Sea, is operated by JOCAP (Joint Operating Company of Absheron Petroleum B.V.). The first gas from Absheron was achieved early July 2023.

Besides the acquisition, SOCAR and ADNOC also signed a Memorandum of Understanding. The signed document envisages the participation of SOCAR in upstream projects in Abu Dhabi and the respective support by ADNOC. The Parties also will explore potential areas of collaboration with respect to oil and gas investment opportunities in the third countries, as agreed by both Parties and cooperate in the field of renewable energy and low-carbon solutions.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.

About TotalEnergies

TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.