Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) penned a deal to award a 3% participating interest in the SARB and Umm Lulu offshore concession to SOCAR, according to a press release.
Building on the strategic energy partnership between the UAE and Azerbaijan, the agreement deepens ADNOC’s growing collaboration with SOCAR across the energy value chain.
The SARB and Umm Lulu concession deploy advanced AI technologies for remote monitoring, smart well operations and production management. This aims to boost production efficiency, lower emissions, enhance safety, and increase production capacity.
Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director, said: “This award supports ADNOC’s strategy to leverage strategic partnerships and advanced technologies to maximise value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy.”
This agreement builds upon previous collaborations between the two companies, including ADNOC's acquisition of a 30% equity stake in Absheron gas and condensate field in the Caspian Sea.
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."
It is worth highlighting that both fields at the SARB and Umm Lulu concession use Intelligent Well Surveillance (IWS) technology, which enables them to operate wells at an optimum rate to drive operational efficiency.
In May, ADNOC unveiled plans to enlarge its local manufacturing target to AED 90 billion by 2030.
