ONGC Videsh Ltd (OVL), together with the State Oil Company of the Azerbaijan (SOCAR), bp, MOL, INPEX, Equinor, ExxonMobil, TPAO, and ITOCHU, have signed an addendum to the existing Production Sharing Agreement (PSA) for Azeri-Chirag-Deepwater Gunashli (ACG) Field in the Azerbaijan sector of the Caspian Sea.
The addendum amends the ACG PSA enabling the parties to progress the exploration, appraisal, development and production from the Non-Associated Natural Gas (NAG) reservoirs of the ACG field and is effective till the end of the existing ACG PSA in 2049.
The NAG resources of ACG are believed to be significant, with up to 4 trillion cubic feet (tcf) in place.
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