Azerbaijan, Baku, Oct. 23 / Trend corr. E.Ismayilov /
The Indian national oil company "ONGC Videsh Ltd." will establish its mission in Azerbaijan in near future.
This was reported by the Managing Director of ONGC corporation D.K.Sarraf during a meeting with the delegation of SOCAR (State Oil Company of Azerbaijan), led by the President of company Rovnag Abdullayev and with Hess Corporation, led by Executive Vice President and President of the Exploration and Production Unit, Greg Hill.
According to Sarraf, cooperation of an Indian company with SOCAR will lead to welfare of both countries.
In early September, the American Hess company agreed to sell its share in the development project of Azeri Chirag Guneshli oil fields (2.72 per cent), as well as 2.36 per cent stake in Baku Tbilisi Ceyhan pipeline to Indian ONGC
The transaction value is estimated at $1 billion, the report stated. The company expects to complete the transaction in the first quarter of 2013.
Production at Azeri-Chirag-Guneshli oil field, located about 100 kilometers east of Baku in the Caspian Sea, was launched in 1997.
The shares in the contract, excluding the share of Hess, are distributed as follows: BP (operator of Azeri-Chirag-Guneshli) - 35.83 per cent, Chevron - 11,27 per cent, Inpex - 10,96 per cent, AzACG - 11 6 per cent, Statoil - 8,56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent and Itocu - 4,3 per cent.