TotalEnergies, in partnership with the State Oil Company of the Republic of Azerbaijan (SOCAR), has reached an agreement to divest a 15% participating interest each in the Absheron gas field to Abu Dhabi National Oil Company (ADNOC).

The completion of this transaction is contingent upon the approval of relevant authorities. Once finalized, TotalEnergies will retain a 35% interest in the Absheron gas field, while SOCAR will also hold a 35% stake, and ADNOC will own 30%.

The Absheron gas and condensate field, situated in the Caspian Sea, is operated by the Joint Operating Company of Absheron Petroleum (JOCAP). The field's first phase of production commenced in early July, showcasing significant development potential to meet the growing global demand for gas.

Nicolas Terraz, President of Exploration & Production at TotalEnergies, expressed satisfaction in welcoming ADNOC as a strategic partner in the Absheron gas field. The addition of ADNOC to the project is expected to enhance its capabilities and contribute to meeting the rising gas demands worldwide.