White & Case advises SOCAR on sale of participating interest in Absheron gas-condensate field

Global law firm White & Case LLP has advised the State Oil Company of the Republic of Azerbaijan (SOCAR) on the sale of 15 percent of its participating interest in the Absheron gas-condensate field to the Abu Dhabi National Oil Company (ADNOC).

"This landmark transaction represents the start of strategic relationship between SOCAR and ADNOC, with many potential areas of collaboration in oil and gas, renewable energy and low-carbon solutions," said White & Case partner Mukund Dhar, who co-led the Firm's deal team. "Our role advising on it demonstrates our capabilities delivering complex cross border transactions for our clients in the energy industry."

As part of the same transaction, ADNOC will also acquire a further 15 percent participating interest from TotalEnergies, the other partner in the Absheron gas-condensate field. The acquisition by ADNOC is its first investment in an upstream asset outside of the United Arab Emirates.

White & Case partner Kamilla Azamat said: "This is a strategically important transaction for SOCAR and the future development of the Absheron project. It also reinforces Azerbaijan's reputation as a strong environment for foreign investment and emphasises the country's role as a key player in the global energy market."

The Absheron gas-condensate field, located approximately 100 kilometres southeast of Baku in the Azerbaijani sector of the Caspian Sea, is operated by JOCAP (Joint Operating Company of Absheron Petroleum B.V.). The first gas from Absheron was achieved in early July 2023.

The White & Case team in London that advised on the transaction was led by partners Mukund Dhar and Margot Lindsay and included partners Kamilla Azamat, Marc Israel, Jessica Kemp and Jonah Anderson, and associates Ed Pearson, Nick Crawford, David Murry, Joao Lacerda, Asad Khan and Alec Buchanan.

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