India’s state-owned ONGC Videsh Limited (OVL) has completed the acquisition of a 0.615% stake in Azerbaijan’s flagship oil project, the Azeri-Chirag-Guneshli (ACG) field, from Norway’s Equinor, Trend reports.
As part of the deal, OVL’s subsidiary, ONGC BTC, also acquired a 0.737% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline, a strategic export route for Caspian crude, the company said.
The transaction, finalized on November 29, 2024, represents a total investment of approximately $60 million. This acquisition adds to OVL’s existing stakes of 2.31% in ACG and 2.36% in the BTC pipeline, further strengthening its presence in Azerbaijan’s energy sector.
BP Exploration (Caspian Sea) Limited remains the operator of the ACG project, which has been a cornerstone of Azerbaijan’s oil industry since production began on September 20, 1994. The contract for ACG extends until December 2049, with the field expected to yield around 1 billion tonnes of crude oil over its lifespan.
According to bp’s latest data, total output from the ACG field averaged approximately 339,000 barrels per day (bpd) during the first three quarters of 2024, equating to around 93 million barrels (13 million tonnes) of oil. Production figures for individual 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.
