Abu Dhabi’s ADNOC to Acquire 30% Stake in Absheron Gas Field

The sun rises over the headquarters of the Abu Dhabi National Oil Co. headquarters that dominates the skyline in Abu Dhabi, United Arab Emirates, on Nov. 7, 2016. (AP)
The sun rises over the headquarters of the Abu Dhabi National Oil Co. headquarters that dominates the skyline in Abu Dhabi, United Arab Emirates, on Nov. 7, 2016. (AP)
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Abu Dhabi’s ADNOC to Acquire 30% Stake in Absheron Gas Field

The sun rises over the headquarters of the Abu Dhabi National Oil Co. headquarters that dominates the skyline in Abu Dhabi, United Arab Emirates, on Nov. 7, 2016. (AP)
The sun rises over the headquarters of the Abu Dhabi National Oil Co. headquarters that dominates the skyline in Abu Dhabi, United Arab Emirates, on Nov. 7, 2016. (AP)

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.



Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
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Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo

Tesla's sales in China logged their best month for the year so far in August, with the US electric vehicle maker benefiting from brisk sales in smaller cities.
Tesla said it sold more than 63,000 cars in the world's biggest auto market last month, a hefty 37% jump from July, but probably still down from August last year when it sold 64,694.
While an encouraging improvement, its performance lags major Chinese rivals by a wide margin.
BYD, the world's biggest EV maker, said its China passenger vehicle sales surged 35% in August from a year earlier to a record monthly high of 370,854. Other local EV competitors including Leapmotor and Li Auto also reported higher sales.
Like many other automakers, Tesla has been badly bruised by a protracted price war in China where economic growth has also been sluggish and consumer confidence fragile. Its China sales declined 5% for the first half of the year.
Although Tesla has cut its local sales force as part of a global downsizing, a number of factors have helped recent sales momentum.
Tesla has since April offered zero-interest loans of up to five years for buyers, while several local governments have made its cars eligible for official car purchases in recent weeks.
It also received a key regulatory nod earlier this year, with the country's top auto industry association saying that data collection by Tesla vehicles was compliant with regulations, allowing Tesla cars to enter some government compounds that they used to be banned from.
An analysis by China Merchants Bank International of Tesla's China sales in July showed a 78% year-on-year increase in deliveries in so-called tier-three cities while its sales in second-tier cities such as Hangzhou and Nanjing rose 47%.
Separate data from the China Passenger Car Association for Tesla China-made vehicles which includes exports showed sales grew 3% in August from a year earlier to 86,697 units.
Deliveries of its China-made Model 3 and Model Y vehicles rose 17% from July.
Tesla plans to produce a six-seat variant of its Model Y car in China from late 2025, two people with direct knowledge of the matter said. The move is aimed at increasing the appeal of its best-selling yet aging EV.