The cabinet has cleared ONGC Videsh Ltd.'s (OVL's) proposal to acquire minority stakes of Hess Corporation in prolific oil fields and a pipeline in Azerbaijan for $ 1 -bn. "The acquisition shall provide OVL, oil production of about 1-mn tonnes per year for about a decade," the Oil Ministry said after the cabinet cleared the proposal. OVL had announced in September that it would acquire Hess Corporation's 2.7% stake in the Azeri, Chirag and Guneshli oilfields in Azerbaijan and a 2.36% inter- est in the Baku-Tbilisi-Ceyhan pipeline. The acquisition is expected to close by the first quarter of 2013. The assets are located in the south Caspian Sea, about 95-kms off the coast of Azerbaijan, and are one of the largest oil-producing fields in the world, ONGC officials said.
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