ONGC Videsh to acquire stake in ACG oil field, Azerbaijan
ONGC Videsh Limited, a schedule «A» Navaratna Central Public Sector Enterprise, has announced the signing of a definitive Sale Purchase Agreement (SPA) to acquire a stake in Azerbaijan's prestigious Offshore Azeri Chirag Gunashli (ACG) oil field from Equinor ASA.
According to a press release, the agreement encompasses the acquisition of a 0.615 per cent participating interest (PI) in the ACG field and a 0.737 per cent shareholding in the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary, ONGC BTC Limited.
The total investment for these acquisitions is projected to be up to USD 60 million, with the deals expected to be finalized in the forthcoming months.
This acquisition will increase ONGC Videsh's interest in the ACG oil field, augmenting its existing 2.31 per cent PI. The company will also expand its stake in the BTC pipeline, complementing its current 2.36 per cent shareholding.
The ACG field, a super-giant offshore oil reservoir located in the Caspian Sea, has been under the operation of BP since 1999.
The field has been developed in phases, with the recent addition of a seventh production platform, Azeri Central East, which began operations in early 2024.
The consortium of partners in the ACG field includes SOCAR, MOL, INPEX, ExxonMobil, Turkiye Petrolleri AO, and Itochu, with the field's contract extending until December 31 2049.
The BTC pipeline, which transports oil from the ACG field and condensate from Shah Deniz, stretches across Azerbaijan, Georgia, and Turkiye,
