OVL acquires Equinor's stake in Azerbaijan oilfield for $60 million
Millennium Post Delhi|Delhi 01 December 2024
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has completed the acquisition of Norwegian firm Equinor's stake in an Azerbaijan oilfield and an associated pipeline for $60 million, the firm said in a statement.

OVL "has completed the acquisition of 0.615 per cent participating interest (PI) in offshore Azeri Chirag Gunashli (ACG) field in Azerbaijan from Equinor. This also includes the acquisition of 0.737 per cent shares of Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited", a company statement said.

The firm had signed a sale purchase agreement (SPA) for the stake buy in July and the deal was completed on November 29.

This story is from the Delhi 01 December 2024 edition of Millennium Post Delhi.

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This story is from the Delhi 01 December 2024 edition of Millennium Post Delhi.

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