Acquisitions30 Nov 2024, 03:08 am
ONGC Videsh Acquires 0.615% Stake in ACG & 0.737% Stake in BTC, Azerbaijan for USD 60 Million
AI Summary
ONGC Videsh Limited, a wholly owned subsidiary of ONGC, has completed the acquisition of 0.615% Participating Interest (PI) in the Offshore Azeri Chirag Gunashli (ACG) field and 0.737% shares of the Baku Tbilisi Ceyhan (BTC) pipeline company in Azerbaijan. The total investment for this acquisition is around USD 60 million. This acquisition is consistent with ONGC Videsh’s strategic objective of energy security of the nation by adding high-quality international assets with equity oil to its existing portfolio.
Key Highlights
- ONGC Videsh acquires 0.615% PI in ACG field and 0.737% shares in BTC pipeline company in Azerbaijan.
- The total investment for this acquisition is around USD 60 million.
- ACG is a super-giant offshore filed in Caspian Sea operated by oil major BP since 1999.
- BTC pipeline carries oil from the ACG field and condensate from Shah Deniz across Azerbaijan, Georgia and Turkiye.
- This acquisition is consistent with ONGC Videsh’s strategic objective of energy security of the nation.