The biggest oil producer in the United Arab Emirates is buying a stake in a natural gas field in Azerbaijan, marking the company’s first major international purchase of upstream hydrocarbon assets.
Abu Dhabi National Oil Co. agreed to buy a 30% equity stake in the Absheron gas field in the Caspian Sea, the government-owned firm said in a statement. Azerbaijan’s state oil company Socar and its French partner TotalEnergies SA will each sell a 15% share of the project to Adnoc in the deal. The parties didn’t disclose financial terms.
