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India’s ONGC may supply Azerbaijani oil to its subsidiary oil refinery

Oil&Gas Materials 24 September 2012 16:06 (UTC +04:00)
India’s state-owned Oil and Natural Gas Corp. (ONGC) may supply oil from the block of Azeri-Chirag-Guneshli (ACG) fields in the Azerbaijani sector of the Caspian Sea to oil refinery MRPL, which is the corporation’s subsidiary, Reuters reported with the reference to ONGC Chairman Sudhir Vasudeva.
India’s ONGC may supply Azerbaijani oil to its subsidiary oil refinery

Azerbaijan, Baku, Sept. 24 / Trend A.Badalova /

India's state-owned Oil and Natural Gas Corp. (ONGC) may supply oil from the block of Azeri-Chirag-Guneshli (ACG) fields in the Azerbaijani sector of the Caspian Sea to oil refinery MRPL, which is the corporation's subsidiary, Reuters reported with the reference to ONGC Chairman Sudhir Vasudeva.

According to Vasudeva, these volumes will help MRPL, to replace some of Iranian oil, which refinery used to buy.

In early September U.S. corporation Hess announced it agreed to sell its share (2.72 %) in the Azeri-Chirag-Guneshli oil project (ACG) and its 2.36 percent interest in the associated BTC pipeline to the ONGC corporation.

The transaction will cost for $1 billion and expected to close in the first quarter of 2013, the website of corporation said.

The BP operated ACG fields, located in the Caspian Sea approximately 100 kilometers east of Baku, commenced production in 1997.

ACG participating interests excpet Hess are: BP (operator - 35.8%), Chevron (11.3%), SOCAR (11.6%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), ITOCHU (4.3%), Hess (2.7%).

Reuters reported with the reference to the company source, that ONGC's share of equity oil from the ACG would average 18,500 barrels per day (bpd) in 2012.

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