ONGC Videsh Limited announced that the Consortium partners of the giant ACG Fields in Azerbaijan have entered into an agreement with Azerbaijan Government and State Oil Company of the Azerbaijan Republic (SOCAR) for extension of duration of the Production Sharing Agreement (PSA) for Azeri-Chirag-Deep water portion of Gunashli (ACG) oil fields until December 31, 2049. ONGC Videsh Limited, the subsidiary of the Indian flagship Oil and natural Gas Corporation Limited (ONGC) holds a participating interest in ACG oil fields in the Azerbaijan Sector of Caspian Sea. The other partners in the Consortium are BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO and ITOCHU. The agreement is subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan.
The agreement was signed in Baku on 14th September, 2017 in the presence of H.E. President Ilham Aliyev of the Republic of Azerbaijan and a group of visiting senior government and state officials, by Rovnag Abdullayev, President of SOCAR, on behalf of the Azerbaijan Government, and by the representatives of the co-venture companies, including ONGC Videsh Limited. Ambassador of India to Azerbaijan Mr. Sanjay Rana was also present in the signing ceremony.