ONGC's dominance in the energy sector increased, buying $60 million worth of shares

ONGC Videsh Limited, the foreign investment arm of state-owned Oil and Natural Gas Corporation (ONGC), recently finalized the acquisition of Equinor's stake in an oil field and associated pipeline in Azerbaijan. The $60 million deal is another milestone in ONGC Videsh Ltd's efforts to expand its international footprint in the energy sector. The deals signed at these places increased Ongsi's dominance in the energy sector, with 4 ONGC Videsh Ltd agreeing to buy a 0.615 per cent stake in Equinor a few days ago. A formal agreement or SPA was signed off the coast of Azerbaijan. Additionally, as part of the deal, OVL is to acquire a 0.737 percent stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline through its subsidiary ONGC BTC Limited. The company's move is part of OVL's plan to increase its penetration in the oil and gas sector. These acquisitions will require an investment of $60 million. Also Read: Reliance Jio: 11.7% growth in Mukesh Ambani's company's net profit, Jio's 49 crore customers, plans to move into energy sector ONGC Videsh Ltd currently holds 2.31% stake in ACG sector and 2.36% stake in BTC Pipeline %. Following Equinor's recent acquisitions, OVL has the opportunity to increase its ownership in these assets, creating greater financial leverage in these lucrative ventures. This is expected to pave the way for further expansion and development in these large projects. ONGC is considered to be the largest producer of crude oil and natural gas in India. It is responsible for producing approximately 71% of the country's domestic supply. Also Read: Bookings for flights and check-in at the airport begin, airline system back on track ONGC's dominance in energy sector increases, buys $ 60 million stake