ADNOC announced today that it has signed an agreement to award a 3 percent participating interest in the SARB and Umm Lulu offshore concessions to SOCAR, the State Oil Company of Azerbaijan Republic. This award enhances the strategic energy partnership between the United Arab Emirates and Azerbaijan and deepens ADNOC’s growing collaboration with SOCAR across the energy value chain.
The SARB and Umm Lulu concession employs cutting-edge digitalisation and AI technologies for remote monitoring, smart well operations, and production management. These advanced technologies optimise production efficiency, reduce emissions, enhance safety, and increase production capacity.
Abdulmunim Saif Al Kindy, ADNOC upstream executive director, expressed his satisfaction with the partnership, stating: “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, ensuring a secure, reliable, and responsible supply of energy.”
This agreement builds upon previous collaborations between the two companies. These include ADNOC’s acquisition of a 30 percent equity stake in the Absheron gas and condensate field 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, commented: “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 continuing to cooperate in many more projects of mutual interest.”
Both fields at the SARB and Umm Lulu concession utilise Intelligent Well Surveillance technology, enabling the operation of wells at an optimum rate to drive operational efficiency. This strategic partnership exemplifies the commitment of both companies to harness innovative technologies and collaborative efforts to achieve sustainable energy solutions.
For more information visit www.adnoc.ae
