ONGC Videsh Secures Stake in Azerbaijan Oilfield from Equinor

ONGC Videsh Ltd, the overseas arm of India's Oil and Natural Gas Corporation, acquired a 0.615% stake in Azerbaijan's Azeri Chirag Gunashli oilfield and 0.737% of the Baku Tbilisi Ceyhan pipeline from Norway's Equinor for $60 million. The move enhances ONGC's existing stakes in these assets.

ONGC Videsh Ltd, the international investment wing of India's state-owned Oil and Natural Gas Corporation (ONGC), has successfully acquired Norwegian Equinor's stake in an oilfield in Azerbaijan, and an associated pipeline, for USD 60 million, according to an official statement.

The definitive sale-purchase agreement was signed by OVL to directly acquire a 0.615 per cent participating interest in the offshore Azeri Chirag Gunashli (ACG) oil field from Equinor. The deal also includes a 0.737 per cent share of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited.

Completion of the acquisition is anticipated in the coming months, marking an investment totalling up to USD 60 million. With this buyout, OVL aims to raise its current stakes of 2.31 per cent in the ACG field and 2.36 per cent in the BTC pipeline.

(With inputs from agencies.)