ONGC Videsh Acquires $60 Mn Stake in Azerbaijan鈥檚 ACG Field

04 Dec 2024 CW Team

ONGC Videsh Ltd, the international subsidiary of ONGC, has acquired a 0.615% stake in Azerbaijan鈥檚 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鈥檚 energy security by securing high-quality international assets, contributing to ONGC Videsh鈥檚 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鈥檚 energy future.

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