Azernews.Az

Indian ONGC Videsh offered on Friday a cargo of Azeri Light crude for the first time via a tender after its stake acquisition in Azerbaijan, Reuters reported with the reference to an ONGC official.

ONGC will have 3.5-4 cargoes each year to be exported from the Ceyhan terminal in Turkey while another two cargoes will be exported from Georgia's Black Sea port of Supsa via a joint-lifting arrangement.

ONGC offered a 600,000-barrel cargo to be loaded on Aug. 29-31 from the Ceyhan terminal, a document showed on Friday, Reuters reported.

The tender will close on July 25 while bids will stay valid until a day later.

In early April ONGC Videsh announced the completion of acquisition of Hess Corporation's 2.7213 percent participating interest in the development project of Azeri Chirag Guneshli (ACG) oil fields in the Azerbaijan sector of the Caspian Sea and 2.36 percent interest in the Baku-Tbilisi-Ceyhan Pipeline ("BTC").

The transaction value is $1 billion.

Production at Azeri-Chirag-Guneshli oil field, located about 100 kilometers east of Baku in the Caspian Sea, was launched in 1997.

Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC Videsh (2.72 percent).