Abu Dhabi National Oil Company (ADNOC) is at the threshold of acquiring 30% equity stake in the Absheron gas and condensate field in the Caspian Sea.
The agreement will be signed with SOCAR and TotalEnergies, who hold 50/50 shares in the field. Both of them will shed 15% each for acquisition by ADNOC.
The total value of the deal has not been made public yet.
After this deal, Absheron shareholders will be: SOCAR 35%, Total Energies 35%, ADNOC 30%.
The Absheron gas condensate field is located in the Absheron archipelago of the South Caspian oil and gas basin, 85-100 km east of Baku in the open sea. The depth of the sea in the area varies from 350-550 m from north-west to the south. According to preliminary estimates, the hydrocarbon reserves of the Absheron field are 350 billion m3 of gas and 45 million tons of condensate.
The first delivery of gas from the field was announced in July this year.
The planned use of the pipe-in-pipe technology would be the first in the Caspian Sea. The platform for the gas production from Absheron is also reportedly unique in some its features. /// nCa, 7 August 2023
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