ONGC Videsh invests $60-M to up stake in ACG oil field in Azerbaijan

ONGC Videsh Ltd (OVL), a wholly owned subsidiary of publicly listed, state-run energy company ONGC, has completed the acquisition of 0.615 % Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) field in Azerbaijan from Equinor. This also includes acquisition of shares of Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Ltd. The total investment for this acquisition is around USD 60 million.ACG is a super-giant offshore field in Caspian Sea operated by oil major BP since 1999. The other partners in the field are SOCAR, MOL, INPEX, Exxon, Turkiye Petrolleri AO and Itochu.