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

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout