BAKU, Azerbaijan, November 30. India’s
state-owned ONGC Videsh Restricted (OVL) has accomplished the acquisition
of a 0.615% stake in Azerbaijan’s flagship oil undertaking, the
Azeri-Chirag-Guneshli (ACG) subject, from Norway’s Equinor, Pattern
stories.
As a part of the deal, OVL’s subsidiary, ONGC BTC, additionally acquired a
0.737% curiosity within the Baku-Tbilisi-Ceyhan (BTC) pipeline, a
strategic export route for Caspian crude, the corporate stated.
The transaction, finalized on November 29, 2024, represents a
complete funding of roughly $60 million. This acquisition
provides to OVL’s current stakes of two.31% in ACG and a pair of.36% within the BTC
pipeline, additional strengthening its presence in Azerbaijan’s power
sector.
BP Exploration (Caspian Sea) Restricted stays the operator of the
ACG undertaking, which has been a cornerstone of Azerbaijan’s oil
trade since manufacturing started on September 20, 1994. The contract
for ACG extends till December 2049, with the sector anticipated to
yield round 1 billion tonnes of crude oil over its lifespan.
Based on bp’s newest knowledge, complete output from the ACG subject
averaged roughly 339,000 barrels per day (bpd) through the
first three quarters of 2024, equating to round 93 million barrels
(13 million tonnes) of oil. Manufacturing figures for particular person
platforms are as follows: Chirag: 23,000 bpd, Central Azeri: 96,500
bpd, West Azeri: 75,500 bpd, East Azeri: 51,000 bpd, Deepwater
Gunashli: 57,400 bpd, West Chirag: 29,100 bpd, Central East Azeri
(ACE): 6,500 bpd.