ONGC Videsh invests $60 million for additional stake in Azerbaijan oil field

Date:

ONGC Videsh Ltd., a completely owned subsidiary of Oil & Natural Gas Corp., on Friday acquired an additional stake in an offshore oil field in Azerbaijan from Norwegian state-owned Equinor for $60 million.

The deal features a 0.615% stake in the Chirag Gunashli offshore field in Azerbaijan from Equinor and a 0.737% stake in the Baku Tbilisi Ceyhan pipeline company through its wholly owned subsidiary, ONGC BTC Ltd., in accordance with a stock exchange filing.

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The statement added that the acquisition is in addition to ONGC Videsh’s existing 2.31% stake in the ACG field and a couple of.36% stake in the BTC pipeline.

ONGC Videsh said the investment “is in line with its strategic objective of energy security by adding high-quality international assets along with crude oil to its existing portfolio.”

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