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Eye of Dubai
Business & Money | Sunday 2 June, 2024 9:28 am |

ADNOC awards 3% interest in SARB, Umm Lulu concession to SOCAR

ADNOC announced today it has signed an agreement to award a 3% participating interest in the SARB and Umm Lulu offshore concession to SOCAR.


This award builds on the strategic energy partnership between the United Arab Emirates and Azerbaijan and deepens ADNOC's growing partnership with SOCAR across the energy value chain.


The SARB and Umm Lulu concession deploy cutting-edge digitalisation and AI technologies for remote monitoring, smart well operations, and production management to optimise the production efficiency, reduce emissions, enhance safety, and increase production capacity.


Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director, said, "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 maximise value from Abu Dhabi's energy resources to ensure a secure, reliable, and responsible supply of energy."


This agreement builds upon previous collaborations between the two companies, including ADNOC's acquisition of a 30% equity stake in Absheron gas and condensate fields in the Caspian Sea and a Strategic Collaboration Agreement on the potential development of low-carbon energy technologies, including hydrogen and geothermal.


Rovshan Najaf, President of SOCAR, said, "This is our first international upstream investment, and we are particularly delighted to make this investment in Abu Dhabi, building upon our bilateral strategic relationships. We are committed to advancing our energy partnership with ADNOC even further and will continue cooperating on many more projects of mutual interest."


Both fields at the SARB and Umm Lulu concession use Intelligent Well Surveillance (IWS) technology, allowing them to operate wells at an optimum rate to drive operational efficiency.


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