Deal Insight

ONGC acquires Hess' interest in ACG, Azerbaijan, for US$1 billion

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Report summary

ONGC has agreed to buy Hess' 2.72% stake in the Azeri-Chirag-Guneshli oil project (ACG) in the Azeri sector of the Caspian Sea, and its 2.36% interest in the associated Baku-Tbilisi-Ceyhan (BTC) pipeline, for a total of US$1 billion. We value the interests at US$912 million (NPV10, discounted to 1 September 2012). Our base modelling generates an Implied Long-term Oil Price of U$98/bbl (NPV10); well above the current market average. However, upside exists in the potential ...

What's included

This report contains

  • Document

    ONGC acquires Hess' interest in ACG, Azerbaijan, for US$1 billion

    PDF 786.50 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
    • ONGC
    • Hess
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Upstream assets: Table 2
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

Images

  • Map
  • ACG production profile (gross)

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