Adnoc expands gas sourcing with Azerbaijan supply agreement

Adnoc inked a sales purchase agreement for gas from one of Azerbaijan’s largest gas condensate fields, Reuters reports. The agreement will see the oil and gas giant secure natural gas from the Absheron gas field, which is set to start production in 2029 and work up to over 4 bcm in annual production. Azerbaijan’s state oil firm Socar, TotalEnergies, and Turkey’s state-owned Botas also inked agreements.

ICYMI- Adnoc already holds a 30% stake in Absheron, for which a final investment decision is expected in July. The state-owned energy giant has been expanding its footprint in the region recently, inking an agreement for an equity stake in Azerbaijan’s Southern Gas Corridor and taking a 38% stake in a Turkmenistan gas block.