SOCAR to acquire SARB and Umm Lulu from ADNOC.

SOCAR, a fully state-owned national oil and gas company, agreed to acquire SARB and Umm Lulu, a cutting-edge digitalization and AI technologies for remote monitoring, smart well operations and production management to optimize production efficiency, reduce emissions, enhance safety and increase production capacity, from ADNOC, a state-owned oil company of the United Arab Emirates. Financial terms were not disclosed. "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 maximize value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy,” Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director.