Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary -- ONGC Videsh (OVL) 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 0.737% Shares of Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly owned subsidiary ONGC BTC. The acquisition has been completed on November 29, 2024. The total investment for this acquisition is around $60 million. This acquisition is in addition to ONGC Videsh’s existing 2.31% PI in the ACG field and 2.36% shareholding in BTC pipeline.

ACG is a super-giant offshore filed in Caspian Sea operated by oil major BP since 1999. The field has been developed in phases and a seventh production platform, Azeri Central East, has been commissioned in early 2024. The other partners in the field are SOCAR, MOL, INPEX, Exxon, Turkiye Petrolleri AO and Itochu. The field has a contract term till December 31, 2049. Baku-Tbilisi Ceyhan pipeline carries oil from the Azeri-Chirag-Deepwater Gunashli (ACG) field and condensate from Shah Deniz across Azerbaijan, Georgia and Türkiye. It links Sangachal terminal on the shores of the Caspian Sea to Ceyhan marine terminal on the Turkish Mediterranean coast.

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.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.