ONGC Videsh Expands Global Footprint with Azerbaijani Oilfield Acquisition

ONGC Videsh Ltd, a branch of the Oil and Natural Gas Corporation, has acquired Norway's Equinor stake in an Azerbaijan oilfield and its pipeline, valued at USD 60 million. The purchase increases ONGC's stake in these assets in an effort to boost their global oil and gas project portfolio.

ONGC Videsh Ltd (OVL), the overseas wing of state-run Oil and Natural Gas Corporation (ONGC), has successfully concluded the acquisition of Equinor's stake in an Azerbaijan oilfield, as well as an associated pipeline, for a financial outlay of USD 60 million.

The acquisition, which was formally inked in July, came to a conclusion on November 29, according to a statement by the company. OVL has boosted its hold with a 0.615 per cent stake in the offshore Azeri Chirag Gunashli field in Azerbaijan, augmented by a 0.737 per cent increase in the Baku Tbilisi Ceyhan pipeline company shares.

This strategic acquisition marks another expansion point for ONGC Videsh, who currently commands stakes in 32 oil and gas ventures across 15 nations, capitalizing on opportunities to enhance their international foothold and production capacity.

(With inputs from agencies.)