Hess Operations in Azerbaijan

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Amerada Hess began its involvement in Azerbaijan in 1998. As of mid-2012 Hess had a 2.72 percent interest in the Azeri-Chirag-Guneshli (ACG) fields in the Caspian Sea and also a 2.36 percent interest in the Baku-Tbilisi-Ceyhan oil transportation pipeline company. [1]

However in early 2013 India's ONGC Videsh agreed to buy Hess' stake in the fields and pipeline for US $1 billion.[2]

References

  1. "http://www.ogj.com/articles/2012/09/hess-to-sell-interests-in-acg-fields-btc-line-to-ongc-for-1-billion.html Profile]" Oil and Gas Journal, 7 August 2012.
  2. "ONGC Videsh's plan to buy assets in Azerbaijan gets nod" India Times, 1 February 2013.