ONGC Videsh Limited, a wholly owned subsidiary of ONGC, premier Energy Company of India, 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 Limited. The acquisition has been completed on 29th November 2024. The total investment for this acquisition is around USD 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 31^st December 2049. Baku-Tbilisi Ceyhan (BTC) 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.