Clifford Chance

Clifford Chance advises ADNOC on its acquisition of a 30% stake in Absheron gas field

Leading international law firm Clifford Chance has advised Abu Dhabi National Oil Company (ADNOC) on a landmark acquisition that sees ADNOC acquire a stake in the Absheron gas and condensate field in the Caspian Sea off the coast of Azerbaijan.

The transaction, which is subject to customary regulatory approvals, will see ADNOC acquire a 30% equity stake in the Absheron gas and condensate field, while State Oil Company of Azerbaijan Republic (SOCAR) and TotalEnergies each retain a 35% stake in the field, having previously held 50% each.

The cross-border Clifford Chance team advising ADNOC was led by Abu-Dhabi based M&A Partner Jason Mendens, with support from a core team including Leonhard Rudolph, (Director, London), Jordan Knowles (Senior Associate, Abu Dhabi), Noor AlKooheji (Associate, Abu Dhabi), Callum Gribbin (Associate, Dubai), and Mehran Azzam (Trainee Solicitor, Dubai). Katrin Schallenberg (Partner, Paris), Milena Robotham (Partner, Brussels) and Antoine Réco (Associate, Paris) provided additional specialist antitrust advice.

In reference to the transaction, Jason comments, "We are delighted to have supported ADNOC on this complex cross border transaction. As the world transitions to low-carbon solutions, natural gas will play a crucial role as a transition fuel, and this transaction further illustrates ADNOC's vision and commitment to responsibly developing large gas projects to meet growing global demand for lower-carbon energy."