SOCAR acquires 3% stake in SARB, Umm Lulu fields from ADNOC

BAKU. May 31 (Interfax) - The State Oil Company of the Azerbaijan Republic (SOCAR) has acquired a 3% stake in the SARB and Umm Lulu fields from Abu Dhabi Oil Company (ADNOC), SOCAR said.

SOCAR said that the deal to purchase the stake in the project was completed on May 30.

The agreement was signed by SOCAR President Rovshan Najaf and ADNOC Executive Production Executive Abdulmunim Saif Al Kindi.

This deal, which is based on the strategic energy partnership between Azerbaijan and the UAE, will serve to expand cooperation between SOCAR and ADNOC, the company said.

Cooperation between the companies is developing successfully. ADNOC acquired a 30% stake in the Absheron gas condensate field, and a strategic cooperation agreement was also signed between the companies providing for interaction in the fields of blue hydrogen, geothermal resource management and carbon emissions.

SARB and Umm Lulu are two fields located offshore from Abu Dhabi. SARB was discovered in 1969 and has been developed by ADNOC since 2010. Umm Lulu was opened in 1981 and was originally developed as part of the ADMA-OPCO contract area. SARB was merged with Umm Lulu and granted to ADNOC under a new 40-year concession.

Following the transaction, the parties' share in the project is as follows: ADNOC - 57%, OMV and TotalEnergies - 20% each, SOCAR - 3%.