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.