CORPORATE
OVL inks $60-million deal to raise stakes in Azerbaijan oilfield and pipeline
- IBJ Bureau
- Jul 20, 2024
ONGC Videsh (ONGC) has signed a $60-million deal with Norwegian energy giant Equinor to raise its stake in the offshore Azeri Chirag Gunashil (ACG) oilfield in the Caspian sea and linked pipeline, the overseas investment subsidiary of ONGC has said.
OVL will buy a 0.615 per cent stake in the oilfield and a 0.737 per cent share in the Baku Tbilisi Ceyhan (BTC) pipeline from Equinor, OVL has said in a stock exchange filing.
“The acquisitions are expected to be completed in the upcoming months,” it has added.
OVL has a 2.31 per cent interest in the ACG field and a 2.36 per cent shareholding in the BTC pipeline.
The BP-operated ACG field is the largest oilfield in the Azerbaijan sector of the Caspian basin, and the BTC pipeline is used to transfer crude oil to the Turkish Mediterranean coast.
The other partners in the field are Azerbaijan State energy company SOCAR, Hungarian energy company MOL, Japan’s Inpex and Itochu, and Turkey’s TPAO.
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