Oil & Natural Gas Corporation Limited — Updates, 29-11-2024: Press Release

ONGC Videsh Limited has completed the acquisition of a 0.615% Participating Interest (PI) in the Offshore Azeri Chirag Gunashli (ACG) field and a 0.737% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline from Equinor, with a total investment of around USD 60 million. This acquisition adds to its existing 2.31% PI in ACG and 2.36% shareholding in BTC. ACG, a super-giant field operated by BP, has a contract extending to December 2049 and supports the strategic objective of enhancing energy security for India by securing high-quality international assets. ONGC Videsh, operating 32 assets in 15 countries, produced 10.518 MMtoe of oil and gas equivalent during FY'24, with current production around 200,000 barrels per day. The company’s total market capitalization stood at INR 3,22,999 crores, reflecting its strong position in the global energy sector. This development signifies potential growth in equity oil output, benefitting the company's overall production portfolio.