New Delhi, 31st May 2016
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) has signed a pact with the trading arm of Azerbaijan's state energy company SOCAR (State Oil Company of Azerbaijan Republic) to foray into oil trading. To begin with, OVL's share of oil from the Azeri, Chirag and Guneshli (ACG) group of fields in Azerbaijan will be traded through the new venture. BP-operated Azeri-Chirag-Deepwater Guneshli (ACG) field is located about 100 km east of Baku and is the largest oilfield in the Azerbaijan sector of the Caspian basin.
The objective of the MoU is to explore possibilities of joint marketing of OVL's crude oil portfolio.The MoU was signed by S P Garg, Director (Finance), OVL and Arzu Azimov, CEO, SOCAR. Initially, both parties agreed to initiate discussion on Joint Marketing Agreement in respect of OVL's equity crude from ACG, Azerbaijan. At present, OVL has 36 projects in 17 countries and produces around 165,000 barrels of oil and oil equivalent gas per day and has a total oil and gas reserves of about 632.65 million tons of oil equivalent.
ONGC Videsh signs pact with SOCAR trading
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) has signed a pact with the trading arm of Azerbaijan's state energy company SOCAR (State Oil Company of Azerbaijan Republic) to foray into oil trading. To begin with, OVL's share of oil from the Azeri, Chirag and Guneshli (ACG) group of fields in Azerbaijan will be traded through the new venture. BP-operated Azeri-Chirag-Deepwater Guneshli (ACG) field is located about 100 km east of Baku and is the largest oilfield in the Azerbaijan sector of the Caspian basin.
The objective of the MoU is to explore possibilities of joint marketing of OVL's crude oil portfolio.The MoU was signed by S P Garg, Director (Finance), OVL and Arzu Azimov, CEO, SOCAR. Initially, both parties agreed to initiate discussion on Joint Marketing Agreement in respect of OVL's equity crude from ACG, Azerbaijan. At present, OVL has 36 projects in 17 countries and produces around 165,000 barrels of oil and oil equivalent gas per day and has a total oil and gas reserves of about 632.65 million tons of oil equivalent.
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