ONGC , which had hired Citigroup, RBS and Standard Chartered to rate the bond issue will use proceeds to fund the acquisition of stakes it bought in the Azerbaijan oilfields late last year.
The company had bought US energy company Hess Corp's stake in a producing Azerbaijan field and the Baku-Tbilisi-Ceyhan (BTC) pipeline for $1 billion. This was considered OVL's first acquisition in Azerbaijan and it was aimed to help it offset the drop in production from Sudan and Syria, which pulled its output down by more than seven per cent in FY12.
It is also considered the largest acquisition by OVL in the biggest oil find in the world since 1968. It will not only expand the company's footprint in Kazakhstan but will also help it secure access to Central Asia's hydrocarbons treasure.
Meanwhile, the company is yet to firm up financing plan for Kazakhastan acquisition which it bought for USD 5 billion . Sources say it may look at raising domestic debt for funding the acquisition.
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