ONGC Videsh Limited Seals Crucial Deal With Equinor To Increase Stake In Azerbaijan's ACG And BTC

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 19. Indian company ONGC Videsh Limited has signed a definitive agreement with Norway's Equinor to acquire a 0.615 percent stake in the Azeri-Chirag-Guneshli (ACG) Azerbaijani oil project and 0.737 percent of shares in pipeline company BTC Co., which is the operator of the Baku-Tbilisi-Ceyhan oil pipeline (BTC, the oil pipeline is connected to ACG), Trend reports via ONGC Videsh Limited.

The value of the deal is up to $60 million, and the procedure will be finalized in the coming months.

This deal will increase the already existing shares of ONGC Videsh Limited in ACG and BTC, currently amounting to 2.31 percent in ACG and 2.36 percent in BTC.

The company recalls that ACG is a giant offshore field in the Caspian Sea with seven production platforms.

The BTC pipeline, which connects the Caspian Sea to the Mediterranean Sea, is crucial for energy transportation.

“This step is consistent with ONGC Videsh's objective of enhancing India's energy security by adding high-quality international assets,” the information noted.

To note, ONGC Videsh, India's largest international oil and gas exploration and production company, operates in 15 countries and has 32 assets.

Meanwhile, Equinor opted to exit its upstream projects in Azerbaijan at the end of 2023 while maintaining an interest in green initiatives.

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