India's ONGC Videsh acquires Equinor’s stake in Azerbaijan’s ACG field

India’s ONGC Videsh Limited, a Schedule “A” Navaratna Central Public Sector Enterprise, has signed a definitive Sale Purchase Agreement (SPA) for directly acquiring 0.615% Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor, the company said in a statement, News.Az reports.

The agreement also includes acquiring 0.737% shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited, the statement said.

The acquisitions are expected to be completed in the upcoming months.

Total investment for these acquisitions would be up to $60 million.

These acquisitions are in addition to ONGC Videsh’s existing 2.31% PI in the ACG field and 2.36% shareholding in the BTC pipeline.

ACG is a super-giant offshore oil field in the Caspian Sea operated by oil major BP since 1999. The field has been developed in phases and a seventh production platform, Azeri Central East, has been commissioned in early 2024. The other partners in the field are SOCAR, MOL, INPEX, Exxon, Turkiye Petrolleri AO and Itochu. The field has a contract term till 31 December 2049. The Baku-Tbilisi Ceyhan (BTC) pipeline carries oil from the Azeri-Chirag-Deepwater Gunashli (ACG) field and condensate from Shah Deniz across Azerbaijan, Georgia and Türkiye. It links Sangachal terminal on the shores of the Caspian Sea to Ceyhan marine terminal on the Turkish Mediterranean coast.

News.Az