Indian company ONGC Videsh Limited is set to close the deal on acquiring Norwegian Equinor's 0.615% stake in the Azeri-Chirag-Gunashli (ACG) project and 0.737% shares in the BTC Co, the operator of the Baku-Tbilisi-Ceyhan (BTC) pipeline, within the next two months, Report informs citing the Indian newspaper Financial Express".
Rajarshi Gupta, the Managing Director of the investment arm of the state-owned Oil and Natural Gas Corp (ONGC), stated, "ONGC Videsh, the overseas subsidiary of ONGC, will complete the transaction to acquire stakes in the ACG project and BTC pipeline in Azerbaijan within the next two months."
Gupta emphasized that ONGC anticipates the increased stake in the ACG project will lead to a growth in the company's oil production from its foreign assets. "We are increasing our share in the ACG project in Azerbaijan with a small investment, but ultimately, this will allow us to boost our production," he added.
In July 2024, ONGC Videsh Limited signed a definitive purchase and sale agreement with Equinor for the acquisition of stakes in the ACG project and BTC Co. The total investment in these acquisitions will amount to up to $60 million. These acquisitions complement ONGC Videsh's existing 2.31% stake in the ACG project and 2.36% in the BTC pipeline.
ONGC Videsh Ltd., a subsidiary of India's national oil company ONGC, focuses on overseas exploration and production operations. It is India's largest international oil and gas exploration and production company, with 32 assets across 15 countries.