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OVL to sell its share of oil from Azeri-Chirag-Guneshli

30 May 2016 10:50 (UTC +04:00)

Baku. Yegane Lachinzade â€“ APA-Economics. OVL, the overseas acquisition arm of India's biggest explorer Oil and Natural Gas Corp, plans to initially sell its share of oil from the large Azeri, Chirag and Guneshli (ACG) group of fields in Azerbaijan through the new venture, Reuters reports.

ONGC Videsh (OVL) is set to make a foray into oil trading and has signed an initial pact with the trading arm of Azerbaijanâ€™s state energy company SOCAR, a source privy to the agreement said.Â

The ACG PSA was signed in September 20, 1994 by the Azerbaijani government and an international consortium led by BP (operator), that covers the development of the Azeri, and Chirag fields and the deep-water portion of the Gunashli field and came into force on December 12, 1994.Â The current shareholder structure for ACG is: BP with 35.78, Azerbaijan's state-controlled SOCAR (11.65%); Chevron (11.27%); Japan's Inpex (10.96%); Norway's Statoil (8.56%); ExxonMobil (8%); Turkey's TPAO (6.75%); Japan's Itochu (4.3%); and ONGC Videsh (2.72%).