Azer­bai­jan ex­tends pact with ONGC Videsh

Governance Now - - EMPOWERMENT -

oongc Videsh lim­ited has an­nounced that the con­sor­tium part­ners of az­eri-chi­ragdeep 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 till 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, 100 km east of Baku, the cap­i­tal of azer­bai­jan. The ACG oil fields cur­rently pro­duce crude oil at a rate of 585,000 bar­rels per day from three oil fields. crude oil pro­duced at the acg oil fields is trans­ported through the Baku-tbil­isi-cey­han pipe­line to cey­han on the mediter­ranean coast of Tur­key, from where it is shipped to cus­tomers.

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