ONGC Videsh is said to be India’s largest international oil and gas exploration and production (E&P) company. Credit: T. Schneider/Shutterstock.

ONGC Videsh, the international arm of India’s Oil and Natural Gas Corporation, has signed a definitive sale purchase agreement (SPA) with Equinor to acquire a 0.615% participating interest (PI) in the Azeri Chirag Gunashli (ACG) oilfield, offshore Azerbaijan.  

The agreement also includes a 0.737% stake in the Baku Tbilisi Ceyhan (BTC) pipeline company. 

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The investment for these acquisitions is up to $60m (Rs5.02bn).  

This move builds upon ONGC Videsh’s existing 2.31% PI in the ACG field and 2.36% shareholding in the BTC pipeline.  

Operated by BP since 1999, the ACG field is a super-giant offshore oilfield in the Caspian Sea.  

The field’s seventh production platform, Azeri Central East, began production in early 2024. 

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Its contract term extends until 31 December 2049. 

Other partners in the project include Exxon, Inpex, Itochu, MOL, SOCAR and Turkiye Petrolleri AO.  

The BTC pipeline is an essential conduit for oil and crosses Azerbaijan, Georgia and Türkiye. It links the Sangachal terminal on the Caspian Sea to the Ceyhan marine terminal on the Turkish Mediterranean coast.  

ONGC Videsh, said to be India’s largest international oil and gas E&P company, operates 32 assets in 15 countries.  

“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,” stated ONGC Videsh.  

The company’s production of oil and oil equivalent gas for the financial year 2024 stood at 10.518 million tonnes of oil equivalent (mtoe), with current production levels of around 200,000 barrels of oil and oil equivalent gas per day. 

Its total oil and gas reserves (2P) were approximately 476mtoe, while its parent company, ONGC, holds 2P reserves of 704mtoe as of 1 April 2024.