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India ONGC to pay Equinor $60 million for stake in Caspian Sea oil assets

Reuters
·1 min read

NEW DELHI (Reuters) - India ONGC Videsh has signed a $60 million deal with Norwegian energy giant Equinor to raise its stake in the offshore Azeri Chirag Gunashil (ACG) oil field in the Caspian sea and linked pipeline, the Indian company said on Friday.

OVL, the overseas investment arm of India's top explorer, will buy a 0.615% stake in the oilfield and a 0.737% share in the Baku Tbilisi Ceyhan (BTC) pipeline from Equinor, it said in a stock exchange filing.

"The acquisitions are expected to be completed in the upcoming months," it said.

ONGC Videsh has a 2.31% interest in the ACG field and a 2.36% shareholding in the BTC pipeline.

The BP-operated ACG field is the largest oilfield in the Azerbaijan sector of the Caspian basin and the BTC pipeline is used to transfer crude oil to the Turkish Mediterranean coast.

The other partners in the field are Azerbaijan state energy company SOCAR, Hungarian energy firm MOL, Japan's Inpex and Itochu, and Turkey's TPAO.

(Reporting by Nidhi Verma; editing by Jason Neely)