NEW DELHI: ONGC Videsh Limited, a wholly-owned subsidiary of ONGC, has acquired a 0.615% Participating Interest (PI) in the prolific Azeri-Chirag-Gunashli (ACG) field from Equinor. Simultaneously, ONGC Videsh has increased its stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline to 2.36% through its subsidiary, ONGC BTC Limited.
The company, in a press note, said that this strategic move aligns with ONGC Videsh’s goal of securing long-term energy supplies for India and diversifying its portfolio.
ACG is a super-giant offshore field in the Caspian Sea operated by oil major BP since 1999. The field has been developed in phases and a seventh production platform, Azeri Central East, has been commissioned in early 2024. The other partners in the field are SOCAR, MOL, INPEX, Exxon, Turkiye Petrolleri AO and Itochu.
The field has a contract term till 31st December 2049. Baku-Tbilisi Ceyhan (BTC) pipeline carries oil from the Azeri-Chirag-Deepwater Gunashli (ACG) field and condensate from Shah Deniz across Azerbaijan, Georgia and Türkiye. It links the Sangachal terminal on the shores of the Caspian Sea to the Ceyhan marine terminal on the Turkish Mediterranean coast.
ONGC Videsh Ltd. is India’s largest international oil and gas E&P Company having 32 Assets in 15 countries. Its production of Oil and Oil Equivalent Gas (O+OEG) during FY’24 was 10.518 MMtoe and is currently producing about 200,000 barrels of O+OEG per day. As of 1st April 2024, ONGC Videsh has total Oil & Gas reserves (2P) of about 476 MMtoe while its parent, ONGC has 2P reserves of 704 Mmtoe.
The market capitalization of ONGC stood at INR 3,22,999 crores as of 29th November 2024.