Home > Practice > Current Affairs > July - 2024 > July 22, 2024
1. Which company acquired Equinor's stakes in Azerbaijan's Azeri Chirag Gunashli (ACG) oil field and the Baku-Tbilisi-Ceyhan (BTC) pipeline?
ONGC Videsh Limited (OVL), a subsidiary of ONGC, recently acquired Norwegian firm Equinor’s stakes in Azerbaijan’s offshore Azeri Chirag Gunashli (ACG) oil field and the Baku-Tbilisi-Ceyhan (BTC) pipeline for $60 million. This acquisition increases OVL’s stake in the ACG oil field to 2.95% and in the BTC pipeline to 3.097%, highlighting OVL's strategic investment in international energy assets.