Azerbaijan's SOCAR acquires 3% stake in Abu Dhabi's SARB & Umm Lulu offshore fields, with ADNOC owning 57%.
Azerbaijan's State Oil Co. (SOCAR) has acquired a 3% participating interest in Abu Dhabi's Satah Al Razboot (SARB) and Umm Lulu offshore concessions, after ADNOC granted the stake. ADNOC now owns 57% of the fields, with a 20% share held by French firm TotalEnergies and Austrian OMV. The advanced digitalization and AI technologies used in the concessions enhance operational efficiency, reduce emissions, and improve safety.
June 03, 2024
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