ONGC takes stake in Kazakh offshore block

ONGC Videsh has signed a tripartite agreement with Kazakhstan’s Ministry of Oil and Gas and Kazmunaigaz, amending an E&P contract.

Offshore staff

ASTANA, Kazkahstan – ONGC Videsh has signed a tripartite agreement with Kazakhstan’s Ministry of Oil and Gas and Kazmunaigaz, amending an E&P contract.

This confirms ONGC’s 25% participating interest in the Satpayev block in north Caspian Sea off Kazakhstan.

Potential oil resources in the block are estimated at 1.8 Bbbl. First production from a development could begin by 2020.

10/13/2011

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