ONGC Videsh Signs Gas Deal in ACG Field, Azerbaijan, Estimated 4 tcf Gas Resources
Sep 21 2024 | 9 months agoONGC Videsh, along with other co-venturers, has signed an addendum to the existing Production Sharing Agreement (PSA) for the ACG Field in the Azerbaijan sector of the Caspian Sea. The addendum enables the parties to progress the exploration, appraisal, development, and production from the Non-Associated Natural Gas (NAG) reservoirs of the ACG field. The NAG resources of ACG are estimated to be significant, with up to 4 trillion cubic feet (tcf) in place. The new gas deal was celebrated in Baku, marking Azerbaijan’s national Oil Workers’ Day and the 30th anniversary of the signing of the ACG PSA. The participating interests of the ACG co-venturers in the NAG project remain the same as in the existing ACG PSA. The first gas production from the NAG reservoirs is expected in 2025.
- ONGC Videsh signs gas deal in ACG Field, Azerbaijan
- Estimated 4 tcf of natural gas resources in ACG Field
- Addendum to existing Production Sharing Agreement (PSA) for ACG Field
- First gas production from NAG reservoirs expected in 2025
- ONGC Videsh acquired PI in ACG project in 2013