ONGC Videsh to Acquire 2.72% Interest in ACG Fields Offshore New Report
ONGC Videsh Limited (OVL), a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), agreed to acquire a 2.72% participating interest in the Azeri, Chirag and the deep water portions of the Guneshli fields (ACG), located in offshore Azerbaijan, and a 2.36% interest in the associated Baku-Tbilisi-Ceyhan pipeline (BTC) from Hess Corporation (Hess) for a purchase consideration of $1 billion. The transaction is expected to be completed by the first quarter of 2013, subject to relevant government and regulatory approvals.
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