3% stake in SARB and Umm Lulu offshore concession granted to Azerbaijan's Socar by ADNOC.
Abu Dhabi's National Oil Company (ADNOC) has granted a 3% stake in the SARB and Umm Lulu offshore concession to Azerbaijan's state oil company, Socar. The deal aims to strengthen ADNOC's partnership with Socar and support the UAE's strategic energy partnership with Azerbaijan. The concession uses advanced 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.
May 31, 2024
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