ONGC Videsh signs pact with SOCAR, to foray into oil trading
New Delhi: To foray into oil trading, the Oil and Natural Gas Corporation (ONGC) Videsh limited, has signed a pact with the trading arm of Azerbaijan's state energy company SOCAR.
Azeri, Chirag and Guneshli (ACG) the groupf of fields in Azerbaijan will be traded through the new venture.
The Bharat Petroleum (BP) operated Azeri-Chirag-Deepwater Guneshli (ACG) field is located about 100 km east of Baku and is the largest oilfield and it produces 634,000 barrels per day (31.3 million tonnes in total) oil in 2015.
The memorandum of understanding (MoU) was signed on May 27 at Geneva, the company said in a statement.