ONGC Videsh to Acquire 2.72% Interest in ACG Fields Offshore New Report


Naperville, IL -- (SBWIRE) -- 11/01/2012 -- 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.


- Rationale behind ONGC acquiring stakes in ACG fields in Caspian Sea
- Rationale behind Hess divesting stake in the ACG fields and BTC pipeline
- Geography Covered- Azerbaijan (Caspian Sea)

Reasons to buy

- Develop a sound understanding of OVL's acquisition plan
- To understand hydrocarbon demand scenario in India
- To know the reasons behind Hess' divesting its stake in favor of ONGC

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