ONGC Videsh Limited Seals Crucial Deal With Equinor To Increase Stake In Azerbaijan's ACG And BTC
Date
7/19/2024 9:17:51 AM
(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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