Hess finishes sale of stake to OVL

Hess finishes sale of stake to OVL

ONGC Videsh Limited (ONGC Videsh), a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), announced the completion of acquisition of Hess Corporation’s 2.72 per cent participating interest in the Azeri, Chirag and the Deep Water Portion of Guneshli Fields (ACG) in the Azerbaijan sector of the Caspian Sea and 2.36 per cent interest in the Baku-Tbilisi-Ceyhan Pipeline (BTC).

Speaking to reporters on Friday, ONGC Chairman and Managing Director Sudhir Vasudeva said that ONGC Videsh and Hess had entered into an agreement on September 7.

This is the first acquisition of a producing property made by ONGC Videsh in the Caspian Region and is consistent with its stated strategic objective of adding high quality international assets to its existing E&P portfolio and also has a strategic importance to India.

The ONGC Videsh has also finalised a major multi-billion dollar transaction in the Caspian region of Kazakhstan, which is under approval of the Kazakhstan government.

ONGC Videsh looks at the Caspian region as an important source of hydrocarbon resources towards the energy security for the country, said Sudhir Vasudeva .

“Hydrocarbons can be procured in India from Caspian region through land route. We have already held talks with the authorities concerned,” he said.