OVL Secured Equinor’s Stake in Azerbaijan Oilfield

SEATTLE (Oil Monster): The Oil and Natural Gas Corporation's (ONGC) foreign investment division, ONGC Videsh (OVL), declared that it has successfully paid $60 million to Equinor for its shares in the Baku-Tbilisi-Ceyhan (BTC) pipeline and the Azeri Chirag Gunashli (ACG) oilfield. It should be mentioned that the transaction's sale-purchase agreement (SPA) was completed in July of last year.

The acquisition comprises of a 0.615% participating interest in the offshore ACG oilfield and a 0.737% share in the BTC pipeline, which will further strengthen OVL’s position in these assets.

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Last December, Equinor announced that it would sell all of its remaining Azerbaijani assets to the State Oil Company of the Azerbaijan Republic (SOCAR). This comprised an 8.71% share in the Bitcoin pipeline and a 7.27% non-operated interest in the ACG field. But, contrary to the initial arrangement with SOCAR, a portion of Equinor's interest was sold to OVL.

According to OVL's global portfolio expansion strategy, the acquisition will solidify the company's standing as a top global oil and gas exploration and production company in addition to solidifying its position in Azerbaijan. It also emphasizes the business's dedication to promoting global energy security.