Azerbaijan govt extends pact with co-venturers, including ONGC Videsh -Governance Now

Azerbaijan govt extends pact with co-venturers, including ONGC Videsh

ONGC Videsh Ltd holds a participating interest in ACG oil fields in the Azerbaijan sector

GN Bureau | September 20, 2017

#ONGC Videsh #Azerbaijan

ONGC Videsh Limited has announced that the consortium partners of the giant Azeri-Chirag-Deep water portion of Gunashli (ACG) fields in Azerbaijan have inked an agreement with Azerbaijan government and state oil company of the Azerbaijan Republic for extending the production sharing agreement for ACG oil fields until December 31, 2049.

ONGC’s subsidiary — ONGC Videsh Ltd, holds a participating interest in ACG oil fields in the Azerbaijan sector of Caspian Sea. The other partners in the consortium are BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO and ITOCHU.

The ACG oil fields are located in the Caspian Sea, around 100 kilometres east of Baku, the capital of the Republic of Azerbaijan. The ACG oil fields currently produce crude oil at a rate of 5,85,000 barrels per day from three oil fields. Crude oil produced at the ACG oil fields is transported through the Baku-Tbilisi-Ceyhan pipeline (BTC pipeline) to Ceyhan on the Mediterranean coast of Turkey, from where it is shipped to customers.

There is substantial amount of remaining oil and gas in the field and extension of agreement will benefit Azerbaijan and partners through sustained long term production. ONGC Videsh had acquired 2.7213 percent participating interest in the ACG PSA and 2.36 percent in BTC pipeline from Hess Corporation on 28th March, 2013.

Comments

Other News

What really happened in ‘The Scam That Shook a Nation’?

The Scam That Shook a Nation By Prakash Patra and Rasheed Kidwai HarperCollins, 276 pages, Rs 399 The 1970s were a

Report of India’s G20 Task Force on Digital Public Infrastructure released

The final ‘Report of India’s G20 Task Force on Digital Public Infrastructure’ by ‘India’s G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development’ was released in New Delhi on Monday. The Task Force was led by the

How the Great War of Mahabharata was actually a world war

Mahabharata: A World War By Gaurang Damani Sanganak Prakashan, 317 pages, Rs 300 Gaurang Damani, a Mumbai-based el

Budget expectations, from job creation to tax reforms…

With the return of the NDA to power in the recently concluded Lok Sabha elections, all eyes are now on finance minister Nirmala Sitharaman’s full budget for the FY 2024-25. The interim budget presented in February was a typical vote-on-accounts, allowing the outgoing government to manage expenses in

How to transform rural landscapes, design 5G intelligent villages

Futuristic technologies such as 5G are already here. While urban users are reaping their benefits, these technologies also have a potential to transform rural areas. How to unleash that potential is the question. That was the focus of a workshop – “Transforming Rural Landscape:

PM Modi visits Rosatom Pavilion at VDNKh in Moscow

Prime minister Narendra Modi, accompanied by president Vladimir Putin, visited the All Russian Exhibition Centre, VDNKh, in Moscow Tuesday. The two leaders toured the Rosatom Pavilion at VDNKh. The Rosatom pavilion, inaugurated in November 2023, is one of the largest exhibitions on the histo