India's ONGC Videsh Limited signs SPA to acquire Equinor's stakes in ACG, BTC

ONGC Videsh Limited, a Schedule “A” Navaratna Central Public Sector Enterprise, has signed a definitive Sale Purchase Agreement (SPA) for directly acquiring 0.615% Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor.

According to Report, which cites the company, the agreement also includes acquiring 0.737% shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited.

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.