Indian company announces oil sale from Azeri-Chirag-Guneshli field
Azerbaijan, Baku, July 20 /Trend E.Ismayilov/
In August 2013 the Indian Oil and Natural Gas Corporation (ONGC) put on sale the oil from the Turkish Ceyhan port, for the first time after the purchase of a share in Azeri-Chirag-Guneshli oil and gas fields' block, Reuters reported on Friday with reference to a representative of the company.
American company Hess agreed to sell its share in the projects in Azerbaijan to ONGC Videsh in early September last year. The deal on the sale was completed in spring of this year.
Hess sold 2.72 percent of share in Azeri-Chirag-Guneshli project and 2.36 percent in Baku-Tbilisi-Ceyhan pipeline, for $1 billion under the terms of the deal. The net income from the deal will amount $884 million after the deduction of taxes.
According to the schedule, 600,000 barrels of first batch of Azeri Light oil must be shipped from Ceyhan in August 29-31 this year.
The major part of the product within ONGC share in Azeri-Chirag-Guneshli will be shipped from Ceyhan and another part - from Georgian Supsa port, the source said.
Production at Azeri-Chirag-Guneshli oil and gas fields was launched in 1997.
Share participation in Azeri-Chirag-Guneshli contract is distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC-2.72 percent.