Abu Dhabi National Oil Company (ADNOC) said on Friday it would acquire a 30% equity stake in the Absheron gas and condensate field in the Caspian Sea off the coast of Baku, Azerbaijan.
, which had each previously held a 50% stake in the field, both retaining a 35% share.
TotalEnergies announced first gas from Absheron in July. The French energy group confirmed on Friday it and SOCAR had each sold a 15% interest in the field to ADNOC, though it declined to specify the price. ADNOC's investment in Azerbaijan comes as part of a strategic plan to grow its international gas business.
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