ADNOC to acquire a 30% stake in Absheron Gas Field.

Abu Dhabi National Oil, the state-owned oil company of the United Arab Emirates, agreed to acquire a 30% stake in Absheron Gas Field, a natural gas field. Financial terms were not disclosed. “With global gas demand expected to steadily increase over the coming decades, ADNOC will continue to responsibly meet the world’s energy needs by developing and producing natural gas from world-class assets such as Absheron. We believe this strategic partnership with SOCAR and TotalEnergies, unlocks the potential of the Caspian region for decades to come, and complements a broader energy collaboration between the UAE and Azerbaijan that will accelerate the growth of the global renewable energy sector, as both countries take bold steps to transition towards a lower-carbon future,” Musabbeh Al Kaabi, ADNOC Executive Director of Low Carbon Solutions and International Growth.