ADNOC Opens Branch in Azerbaijan

ADNOC Opens Branch in Azerbaijan

Abu Dhabi National Oil Company (ADNOC) has opened a branch in Azerbaijan.

A branch of ADNOC, International Project Co. 1 RSC Limited, was registered on March 5, 2024, the State Tax Service of Azerbaijan told Interfax.

ADNOC (UAE) completed the process of entering the Absheron field development project in Azerbaijan in February 2024. The company’s share in the project is 30%. SOCAR and TotalEnergies each have 35% shares in the project.

The Absheron block is located in the sea 100 km from Baku. According to initial estimates, the field’s reserves total 350 billion cubic meters (bcm) of gas and 100 million tons of condensate; its development will be carried out in stages.

The contract area is 747 sq. km. The contract was signed for a period of 30 years.

Production at the field began on July 10, 2023. At the first stage, production volume will be 1.5 bcm per year. At its peak, the project can produce 5.5-6 bcm of gas per year.