ONGC Videsh, a subsidiary of Oil and Natural Gas Corporation (ONGC) focusing on international oil exploration and production, signed a definitive sale purchase agreement to acquire a 0.615% participating interest in Azerbaijan’s offshore Azeri Chirag Gunashli (ACG) oil field from Equinor.
The agreement includes the acquisition of a 0.737% share in the Baku Tbilisi Ceyhan (BTC) pipeline company through ONGC BTC Limited, its wholly-owned subsidiary. The acquisitions, expected to finalize in the upcoming months, will involve a total investment of up to $60 million. This will be in addition to ONGC Videsh’s current 2.31% stake in the ACG field and a 2.36% share in the BTC Pipeline.
As reported by financialexpress.com, the ACG field, a major offshore oil field in the Caspian Sea, has been operated by BP since 1999. The field’s development has been ongoing, with the seventh production platform, Azeri Central East, commissioned in early 2024. Other partners in the ACG field include SOCAR, MOL, INPEX, Exxon, Turkiye Petrolleri AO, and Itochu.
