June 22, 2024
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OIL & GAS RENEWABLE ENERGY

DNOC Grants SARB and Umm Lulu 3 Percent Interest to SOCAR

Abu Dhabi National Oil Co. (ADNOC) has in a statement, announced the awarding of a three percent participating interest in the SARB and Umm Lulu offshore concession to The State Oil Company of the Republic of Azerbaijan (SOCAR).

In the statement, ADNOC explained that the SARB and Umm Lulu concession deploys 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.

Both fields at the SARB and Umm Lulu concession use intelligent well surveillance technology, allowing them to operate wells at an optimum rate to drive operational efficiency.

ADNOC Upstream Executive Director, Abdulmunim Saif Al Kindy, 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 maximize value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy.”

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 advance our energy partnership with ADNOC even further and continue cooperating in many more projects of mutual interest.”

Earlier, in a seperate transaction, ADNOC acquired a 30 percent equity stake in Absheron gas and condensate field in the Caspian Sea. The companies also signed a strategic collaboration agreement on developing low-carbon energy technologies, including hydrogen and geothermal.

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