SOCAR acquires 3% stake in UAE offshore concession project for $285 million

Nigar Abbasova
Author

The State Oil Company of Azerbaijan (SOCAR) has acquired a 3% stake in the offshore concession project encompassing SARB, Umm Lulu, Bin Nasher, and Al Bateel fields from the Abu Dhabi National Oil Company (ADNOC).

The deal, finalized on May 30, 2024, is valued at $285 million (485 million manats), Report informs, citing SOCAR's consolidated financial report for the first half of 2024, prepared in accordance with the International Financial Reporting Standards (IFRS).

As of June 30, 2024, SOCAR's revenues from this project amounted to 191 million manats, with a net profit of 16 million manats. The offshore concession includes two major fields, Umm Lulu and SARB, and two smaller ones, Bin Nasher and Al Bateel. The concession is managed by the Abu Dhabi Company for Offshore Petroleum Operations Limited (ADNOC Offshore).

Following the transaction, the stakeholders' shares in the project are distributed as follows: ADNOC - 57%, OMV and TotalEnergies - 20% each, and SOCAR - 3%.

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