ADNOC awards 3% stake in SARB and Umm Lulu concession to SOCAR

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The Abu Dhabi National Oil Company (ADNOC) has inked an agreement, awarding Azerbaijan’s State Oil Company (SOCAR) a 3 per cent participating interest in the SARB and Umm Lulu offshore concession.

The move builds on the strategic energy partnership between the UAE and Azerbaijan, furthering ADNOC’s collaboration with SOCAR across the energy value chain.

The SARB and Umm Lulu concession utilises advanced digitalisation and AI technologies for remote monitoring, smart well operations, and production management.

These technologies aim to optimise production efficiency, reduce emissions, enhance safety, and increase production capacity.

“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 maximise value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy,” said Abdulmunim Saif Al Kindy, ADNOC Upstream executive director.

ADNOC and SOCAR strengthen their relationship

The agreement builds upon previous collaborations between ADNOC and SOCAR, including ADNOC’s acquisition of a 30 per cent equity stake in the Absheron gas and condensate field in the Caspian Sea, and a Strategic Collaboration Agreement for the potential development of low carbon energy technologies, such as hydrogen and geothermal energy.

“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 advancing our energy partnership with ADNOC even further and continuing cooperation on many more projects of mutual interest,” said Rovshan Najaf, president of SOCAR.

The SARB and Umm Lulu concession uses intelligent well surveillance (IWS) technology, which allows wells to operate at an optimal rate, enhancing operational efficiency.

Following the agreement, the concession’s shareholding will see interests shared by ADNOC holding 57 per cent, OMV with 20 per cent, TotalEnergies with 20 per cent, and SOCAR with 3 per cent.