SOCAR paid $285 mln for 3% stake in offshore UAE concession acquired from ADNOC

BAKU. Jan 15 (Interfax) - The State Oil Company of Azerbaijan Republic (SOCAR) paid $285 million for last year's acquisition of a 3% stake in the SARB, Umm Lulu, Bin Nasher and Al Bateel offshore concession from the Abu Dhabi National Oil Company (ADNOC), SOCAR reported in its IFRS consolidated financial statement for the first half of 2024.

This transaction between SOCAR and ADNOC International Project Co 1 RSC, which was completed on May 30, 2024, was worth 485 million manats or $285 million, SOCAR said in the financial statement released on Tuesday.

SOCAR also said that as of June 30, 2024 its revenue from the implementation of this project totalled 191 million manats and net profit amounted to 16 million manats.

SARB and Umm Lulu are fields located on the Abu Dhabi shelf. SARB was discovered in 1969 and has been worked by ADNOC since 2010. Umm Lulu was discovered in 1981 and was initially developed as part of the ADMA-OPCO contract area. SARB was later combined with Umm Lulu and granted to ADNOC under a new 40-year concession.

The SARB, Umm Lulu, Bin Nasher and Al Bateel offshore concession consists of the two main fields, SARB and Umm Lulu, and two smaller fields, Bin Nasher and Al Bateel. The concession is managed by Abu Dhabi Company for Offshore Petroleum Operations Limited (ADNOC Offshore).

The deal with SOCAR left ADNOC with a 57% stake in the project; OMV and TotalEnergies each own 20%.

The official exchange rate on January 14 was 1.70 manat/$1.