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ADNOC awards 3% Interest in SARB and Umm Lulu Concession to SOCAR

Oil&Gas Materials 31 May 2024 10:59 (UTC +04:00)
ADNOC awards 3% Interest in SARB and Umm Lulu Concession to SOCAR
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, May 31. ADNOC announced today it has signed an agreement to award a 3% participating interest in the SARB and Umm Lulu offshore concession to Azerbaijan's state oil company SOCAR, Trend reports via ADNOC.

The SARB and Umm Lulu concession deploys cutting-edge 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.

"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 maximize value from Abu Dhabi’s energy resources to ensure a secure, reliable and responsible supply of energy," said Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director.

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 and a Strategic Collaboration Agreement on the potential development of low carbon energy technologies, including hydrogen and geothermal.

“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 advance our energy partnership with ADNOC even further and continue cooperating in many more projects of mutual interest," said Rovshan Najaf, President of SOCAR.

Both fields at the SARB and Umm Lulu concession use Intelligent Well Surveillance (IWS) technology, allowing them to operate wells at an optimum rate to drive operational efficiency.

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