ONGC Videsh Ltd., a wholly owned subsidiary of Oil & Natural Gas Corp., acquired an additional stake in an offshore Azerbaijan oil field from Norway’s state-owned Equinor for $60 million on Friday.
The deal includes 0.615% participating interest in offshore Azeri Chirag Gunashli field in Azerbaijan from Equinor and 0.737% shares of Baku Tbilisi Ceyhan pipeline company through its wholly owned subsidiary, ONGC BTC Ltd., according to an exchange filing.
The acquisition is in addition to ONGC Videsh’s existing 2.31% stake in the ACG field and 2.36% shareholding in BTC pipeline, the statement added.
ONGC Videsh said the investment “is consistent with its strategic objective of energy security by adding high-quality international assets with equity oil to its existing portfolio”.
