Indian Ongc Videsh Acquired a Share in the Field in the Caspian Sea
The total investment will be up to $60 million
Indian state oil and gas company ONGC Videsh has signed an agreement to purchase from Norway’s Equinor a 0.615% stake in the Azeri-Chirag-Gunashli (ACG) offshore oil field in the Azerbaijani sector of the Caspian Sea. The company announced this in a press release.
The agreement also includes the acquisition of a 0.73% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline company. The total investment will be up to $60 million.
“The acquisition process is planned to be completed in the coming months,” the press service said. “These acquisitions are in addition to ONGC Videsh’s existing stake of 2.31% in the ACG field and 2.36% in the BTC pipeline,” the company added.
ONGC Videsh is engaged in the exploration and production of oil and gas abroad and is India’s largest international company in this field, with 32 assets in 15 countries.
