ONGC Videsh Ltd, the international subsidiary of ONGC, has acquired a 0.615% stake in Azerbaijan’s Azeri-Chirag-Gunashli (ACG) field and a 0.737% shareholding in the Baku-Tbilisi-Ceyhan (BTC) pipeline for $60 million.
This acquisition, finalized on November 29, 2024, strengthens ONGC Videsh’s existing interest in the ACG field, where it already holds a 2.31% stake, and its 2.36% stake in the BTC pipeline. The ACG field is one of the largest offshore oil fields in the Caspian Sea, operated by BP since 1999.
The BTC pipeline is crucial for transporting oil from the ACG field to international markets. This acquisition enhances India’s energy security by securing high-quality international assets, contributing to ONGC Videsh’s objective of meeting the growing energy demands of India.
With this purchase, ONGC Videsh now holds 32 assets across 15 countries, reinforcing its role as a key player in India’s energy future.
Tags: ACG Field, BTC, ONGC
Recent Posts
Green hydrogen and biofuels will enhance energy security: Hardeep Singh Puri
NTPC’s clean energy arm to build $21 billion green hydrogen hub
Centre approves oil and gas exploration in Assam Wildlife Sanctuary area
Oil hits four-month high after sweeping US sanctions on Russia
LNG powers unprecedented year for orders of alternative-fuelled vessels
Neste makes Singapore’s first marine sector renewable diesel delivery
Potential hazards of extremely alarming developments in marine ecosystem: Report
SK Energy exports SAF to Europe