Indian energy company ONGC Videsh has invested approximately $1.5 billion in Azerbaijan’s economy to date, Kalyana Raman Rengara, head of the company’s Azerbaijan branch told Report.
ONGC Videsh is highly interested in participating in oil exploration and production projects in partnership with Azerbaijan’s state oil company SOCAR, both within Azerbaijan and in third countries.
To further its presence in Azerbaijan, ONGC Videsh recently acquired a 0.615% stake in the Azeri-Chirag-Gunashli (ACG) block of oil fields and a 0.737% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline operator, BTC Co, from Norway’s Equinor. The deal was fully comple on November 29, 2024.
In addition, ONGC Videsh is open to the possibility of participating in projects aimed at developing renewable energy sources in Azerbaijan, in line with the company’s business development strategy and policies, Rengara said. Currently, ONGC Videsh holds a 2.925% stake in the ACG project and a 3.11% stake in the BTC pipeline in Azerbaijan.
