India’s compliance with the US/EU oil boycott against Iranian exports, which is expected to reduce its imports of Iranian crude by at least 20% in the financial year 2012-13, is forcing the country’s principal oil and gas company to accelerate the pace of its foreign acquisitions.

Oil and Natural Gas Company’s (ONGC) overseas arm, ONGC Videsh Ltd (OVL), announced on 9 September an agreement to buy Amerada Hess’ Azerbaijan assets. The US energy company controls a small (2.72%), but significant, stake in the Azeri-Chirag-Guneshli (AGC) fields’ production sharing agreement. The AGC fields produce most of Azerbaijan’s oil. (CONTINUED - 337 WORDS)