2009-08-19-2007-07-01

WI

ONGC Videsh Ltd., the overseas arm of state-run Oil and Natural Gas Corp., Dehradun, India, (Bombay: ONGC) plans to acquire interest in an Azerbaijan oil field from U.K-based Caspian Energy Group LLP for more than US$300 million, Zee News reports. The assets include Caspian Energy's 51% stake in Shivran Oil Operating Co. that operates the Kyurovdag oil field in Azerbaijan. The remaining 49% is held by State Oil Co. of Azerbaijan Republic, Zee News reports. Production is approximately 4,517 barrels of oil per day, and projected to rise to 13,300 barrels per day in 2010. In-place oil reserves are 4.3 billion barrels, with 800 million barrels recoverable, Zee News reports.