ONGC Videsh buying stakes in ACG, BTC projects in Azerbaijan from Equinor

MOSCOW. July 19 (Interfax) - India's ONGC Videsh Limited has signed a definitive sale purchase agreement with Norway's Equinor to acquire a 0.615% interest in the Azeri Chirag Gunashli (ACG) oil field offshore Azerbaijan as well as 0.737% shares of the Baku Tbilisi Ceyhan (BTC) pipeline company, the Indian company said in a statement.

The acquisitions are expected to be completed in the upcoming months.

Total investment for these acquisitions would be up to $60 million.

"These acquisitions are in addition to ONGC Videsh's existing 2.31% PI in the ACG field and 2.36% shareholding in the BTC pipeline," the company said.

ONGC Videsh Ltd., which is a wholly owned subsidiary of ONGC, the flagship NOC of India, is engaged in overseas E&P operations and is India's largest international Oil and Gas E&P Company having 32 Assets in 15 countries.

"This acquisition is consistent with its strategic objective of energy security of the nation by adding high-quality international assets with equity oil to its existing portfolio," it said.