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

₹10 lakh penalty on Ola for pre-ride ‘tip’ feature

The Central Consumer Protection Authority (CCPA) has imposed a penalty of ₹10 lakh on ANI Technologies Private Limited, which operates the ride-hailing platform Ola, for soliciting additional payments from consumers before completion of their journeys through its pre-ride ‘tip’/‘add-o

Retail inflation crosses 6% mark

Retail inflation based on Consumer Price Index for October has reached 6.09%, whereas year-on-year food inflation, based on Consumer Food Price Index, for October is 8.94%, an official release said on Thursday.   Year-on-year inflation rate based on All India Consumer Price I

Cabinet approves museum at North-South Block complex

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday has approved the development of the Yuge Yugeen Bharat Museum (YYBM) at the North and South Block Complex, New Delhi, at an estimated total project cost of ₹3,230 crore, as appraised by the Public Investmen

Cabinet approves extension of Noida metro corridor

The Union Cabinet, chaired by prime minister Narendra Modi, has approved the extension of Aqua Line Metro Rail Corridor from Noida Sector-51 to Greater Noida Sector-04 of Noida Metro Rail Project with corridor for a length of 8.449 km with 5 elevated stations. On operationalization of this corridor, Noid

India reaffirms commitment to climate multilateralism

India has reaffirmed its commitment to climate multilateralism and the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), calling for a fair, equitable and ambitious outcome at the 31st Conference of the Parties (COP31) to the United Nations Framewo

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter