OVL, partners get extension in Azerbaijan block for $3.6-bn bonus

OVL's share of the bonus payout to the State Oil Fund of Azerbaijan would be to the tune of $111 mn

State-run ONGC Videsh (OVL) and its partners have received an extension till December 2049 for the production sharing contract for the ACG fields in Azerbaijan. 

The international co-venturers are set to pay a bonus of $3.6 billion, of which OVL's share will be to the tune of $111 million, to the State Oil Fund of Azerbaijan in return for the extension. 

OVL is the overseas arm of state-run Oil and Natural Gas Corporation (ONGC). OVL's partners in the block include State Oil Company of the Azerbaijan Republic (SOCAR), BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, and ITOCHU. The agreement is subject