Indian Oil Company offers Azerbaijani oil via tender
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).