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  • ADNOC Awards 3% Interest in SARB and Umm Lulu Concession to SOCAR
    édité le 31/05/2024 - Plus de news de "ADNOC" - Voir la fiche entreprise de "ADNOC"


ADNOC Awards 3% Interest in SARB and Umm Lulu Concession to SOCAR
ADNOC announced it has signed an agreement to award a 3% participating interest in the SARB and Umm Lulu offshore concession to SOCAR. This award builds on the strategic energy partnership between the United Arab Emirates (UAE) and Azerbaijan and deepens ADNOC’s growing partnership with SOCAR across the energy value chain.

The SARB and Umm Lulu concession deploys cutting-edge digitalization and AI technologies for remote monitoring, smart well operations and production management to optimize production efficiency, reduce emissions, enhance safety and increase production capacity.

Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director, said: "We are very pleased to welcome SOCAR to the SARB and Umm Lulu concession. This award supports ADNOC’s strategy to leverage strategic partnerships and advanced technologies to maximize value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy.”

This agreement builds upon previous collaborations between the two companies, including ADNOC's acquisition of a 30% equity stake in Absheron gas and condensate field in the Caspian Sea and a Strategic Collaboration Agreement on the potential development of low carbon energy technologies, including hydrogen and geothermal.

Rovshan Najaf, President of SOCAR said: “This is our first international upstream investment and we are particularly delighted to make this investment in Abu Dhabi, building upon our bilateral strategic relationships. We are committed to advance our energy partnership with ADNOC even further and continue cooperating in many more projects of mutual interest."

Both fields at the SARB and Umm Lulu concession use Intelligent Well Surveillance (IWS) technology, allowing them to operate wells at an optimum rate to drive operational efficiency.

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 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.


Origine : Communiqué ADNOC

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