ONGC Videsh has agreed to acquire an 0.615% interest from Equinor in the Azeri Chirag Gunashli (ACG) oil field development in the Azerbaijan sector of the Caspian Sea.
In addition, the company will assume a 0.737% share in the Baku Tbilisi Ceyhan (BTC) pipeline company via subsidiary ONGC BTC.
The total cost of the acquisitions, which should complete in the next few months, could reach $60 million. ONGC Videsh already has a 2.31% stake in the ACG Field and a 2.36% shareholding in the BTC pipeline.
bp has developed ACG in multiple phases, with a seventh production platform, Azeri Central East, commissioned in early 2024. The other partners are SOCAR, MOL, INPEX, Exxon, Turkish Petroleum and Itochu.
The BTC pipeline transports the oil from ACG and condensate from the Shah Deniz Field through Azerbaijan, Georgia and Turkey, linking the Sangachal terminal on the Caspian coast to the Ceyhan marine terminal on the Turkish Mediterranean coast.
