OVL Hikes Stake in Azerbaijani Oilfield with $60 Million Investment
ONGC Videsh Limited (OVL), a subsidiary of ONGC, has acquired Norwegian firm Equinor’s stake in Azerbaijan’s offshore Azeri Chirag Gunashli (ACG) oil field and an associated oil pipeline for $60 million. This increases OVL’s stake in the oil field to 2.95% and in the Baku-Tbilisi-Ceyhan (BTC) pipeline to 3.097%.
OVL first invested in ACG in 2013, acquiring a 2.72% stake.
Before the deal, OVL held a 2.31% stake in ACG and a 2.36% stake in the BTC pipeline.
The recent purchase includes 0.615% in ACG and 0.737% in the BTC pipeline from Equinor, bringing OVL’s total stakes to 2.95% and 3.097%, respectively.
Located in the Caspian Sea, Azerbaijan.
State Oil Company of Azerbaijan Republic (SOCAR) holds 25%, BP operates the field with a 30.37% stake, and other shareholders include Japanese firms and ExxonMobil.
The field has been developed in phases, with the seventh platform, Azeri Central East, commissioned in early 2024.
Transports oil from ACG and condensate from Shah Deniz across Azerbaijan, Georgia, and Turkey to the Ceyhan marine terminal in Turkey.
SOCAR holds 25% through Azerbaijan BTC Limited.
Established in 1965 as a wholly-owned subsidiary of ONGC to explore and develop petroleum and gas fields outside India.
OVL is the second-largest petroleum company in India by reserves and production, with stakes in 32 oil and gas projects across 15 countries.
In 2023-24, OVL produced 7.178 million metric tonnes of crude petroleum oil and 10.518 million metric tonnes of oil equivalent gas.
New Delhi.
Arun Kumar Singh.
The ACG contract was extended till 2049 in 2017, reducing the stakes of international oil companies and adjusting OVL’s stake to 2.31% from 2.72%.
Equinor had previously agreed to sell its entire stake to SOCAR but ended up selling part of it to OVL, raising questions about the transaction details.
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