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The UAE’s Abu Dhabi National Oil Co. (ADNOC) has signed an agreement to award a 3% participating interest in its offshore concessions, SARB and Umm Lulu, to an Azerbaijan-based global energy comany, SOCAR.
This agreement builds upon previous collaborations between the two companies, including ADNOC's acquisition of a 30% equity stake in Absheron gas and condensate field in the Caspian Sea and a collaboration agreement on the potential development of low carbon energy technologies, including hydrogen and geothermal, a statement from the UAE-based energy major said.
This is SOCAR's first international upstream investment, said the company's president Rovshan Najaf.
Following the agreement, the concession shareholding will be ADNOC (57%), OMV (20%), TotalEnergies (20%) and SOCAR (3%)
(Writing by Brinda Darasha; editing by Seban Scaria)