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    Default OVL buys stake in Azerbaijan oil fields

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    State-run Oil and Natural Gas Corporation Videsh Limited (OVL) on Saturday announced that it had bought US energy company Hess Corpís stake in in Azeri, Chirag and Guneshli (AGC) group of oil fields for $1 billion making its debut in Azerbaijan.

    "OVL has signed definitive agreements for the acquisition of Hess Corp's 2.7213 per cent participating interest in the Azeri, Chirag and the deepwater portion of Guneshli fields in the Azerbaijan sector of the Caspian Sea and 2.36 per cent interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline for $1 billion," OVL said in a statement here terming the acquisition as strategic and tune with Indiaís energy security quest. The acquisition is subject to relevant government and regulatory approvals.

    The buyout marks OVL's entry into oil rich Azerbaijan. ACG, which is located in the South Caspian Sea, about 95 Km off the coast of Azerbaijan, is the largest oil and gas field complex in Azerbaijan and one of the largest producing oil fields in the world. UK's BP Plc operated field produces around 700,000 barrels a day of crude oil. This is more than India's annual oil production. OVL's share of output would be over 19,000 bpd.
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