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Home / Companies / OVL to buy Hess’ stake in Azerbaijan oil field

New Delhi:ONGC Videsh Ltd will buy US energy firm Hess Corp.’s stake in Azerbaijan’s giant Azeri-Chirag-Gunashli (ACG) oil field for an undisclosed amount.

As a part of the deal, the company will also buy Hess’ 2.36% stake in BTC export pipeline.

Hess agreed to sell its minority stake to OVL for $1 billion, according to Bloomberg news agency.

The deal may be announced shortly, the people said.

UK’s BP Plc is the operator of the fields with a 34.1% stake. Other partners include Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%) and ITOCHU (3.9%).

The ACG field lies 120km off the coast of Azerbaijan in 120m of water and contains 5.4 billion barrels of recoverable oil. The overall investment in the fields has reached $20 billion, which includes the amount spent on the BTC export pipeline. PTI

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