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ONGC’s arm gets extension for Azeri-Chirag-Deepwater project till 2049

Date: 19-09-2017

Oil and Natural Gas Corporation’s (ONGC) overseas arm - ONGC Videsh (OVL) and its consortium partners of the giant Azeri-Chirag-Deepwater portion of Gunashli (ACG) fields in Azerbaijan have entered into an agreement with Azerbaijan Government and its State Oil Company of the Azerbaijan Republic (SOCAR) for extension of the duration of the Production Sharing Agreement (PSA) for AGC oil fields until December 31, 2049. The agreement was signed in Baku on September 14, 2017.

OVL 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 agreement is subject to ratification by Parliament (Milli Majlis) of the Republic of Azerbaijan.

Oil and Natural Gas Corporation (ONGC) is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.