DUBAI, Aug 4 (Reuters) - Abu Dhabi National Oil Company (ADNOC) said on Friday it would acquire a 30% equity stake in the Absheron gas and condensate field in the Caspian Sea off the coast of Baku.
The agreement would see Azeri state oil company SOCAR and TotalEnergies each holding a 35% stake in the field.
TotalEnergies had announced first gas from Absheron in July. Prior to Friday's agreement, it held a 50% stake alongside SOCAR.
ADNOC's investment in Azerbaijan comes as part of a strategic plan to grow its international gas business.
The Abu Dhabi state oil giant in March offered, with BP , to jointly acquire 50% of Israeli offshore natural gas producer NewMed Energy for about $2 billion, marking their entry into Israel's growing energy sector.
ADNOC sharpened its focus on the gas market as competition for LNG has ramped up since the Russian invasion of Ukraine in February 2022, with Europe in particular needing large amounts to help replace gas piped from Russia.
"With global gas demand expected to steadily increase over the coming decades, ADNOC will continue to responsibly meet the world's energy needs by developing and producing natural gas from world-class assets such as Absheron," Musabbeh Al Kaabi, executive director of low carbon solutions and international growth at ADNOC, was quoted as saying in a statement.
ADNOC listed its gas business in March after raising $2.5 billion from an IPO, which was the world's biggest in the first quarter. (Reporting by Maha El Dahan and Ron Bousso; editing by Jason Neely, Robert Birsel)
