ONGC Videshs acquisition of Hess stakes
in a Caspian oil field and associated Baku-Tbilisi-Ceyhan (BTC)
pipeline reveals Indias investment strategy in the oil
and gas sector.
ONGC Videsh is the international subsidiary of PSU
Oil and Natural Gas Corporation. The transaction reflects the
Indian public-sector undertakings (PSU) aggressive plan
for a sevenfold increase in oil and gas output from
overseas assets by 2030 to satisfy domestic needs.
The target oil fields - the Azeri, Chirag and the deep water
portion of Guneshli Fields (ACG) are sought-after
assets. The deal affirms ONGC Videshs ability to compete
against other oil and gas majors. The company purchased
Hess 2.72% interest in the ACG fields and...