OVL gets 25% in Kazakh field
NEW DELHI: Flagship explorer ONGC's overseas investment arm, ONGC Videsh , on Wednesday sealed the deal to take a 25% stake in Kazakhstan's Satpayev acreage in the Caspian Sea, marking India's first firm foothold in the hydrocarbons-rich Central Asia.
The company also signed an agreement with Vietnam's national oil company PetroVietnam to hunt for oil in that nation as well as in third countries. The deal was signed here by OVL MD D K Sarraf and Petro-Vietnam chairman Phung Dinh Thuc as part of Vietnam president Truong Tan Sang's visit here.
OVL's agreement with the Kazakh government for amending the contract formally makes it a stakeholder in the concession. It had on April 16 signed joint operating and assignment agreements with Kazakhstan's KazMunaiGas Exploration Production for the stake. OVL has an option to raise its stake by a further 10% in case of a commercial discovery.
The agreement was signed by ONGC Videsh director (exploration) Joeman Thomas during the ongoing Indo-Kazakh Joint Council meeting in the Kazakh capital Astana. Minister of state for petroleum R P N Singh is leading the Indian delegation. OVL paid $13 million as a signing amount to Kazakhstan. In addition, it will pay $80 million as a one-time assignment fee to KazMunaiGas.
OVL gets 25% in Kazakh field - The Times of India
NEW DELHI: Flagship explorer ONGC's overseas investment arm, ONGC Videsh , on Wednesday sealed the deal to take a 25% stake in Kazakhstan's Satpayev acreage in the Caspian Sea, marking India's first firm foothold in the hydrocarbons-rich Central Asia.
The company also signed an agreement with Vietnam's national oil company PetroVietnam to hunt for oil in that nation as well as in third countries. The deal was signed here by OVL MD D K Sarraf and Petro-Vietnam chairman Phung Dinh Thuc as part of Vietnam president Truong Tan Sang's visit here.
OVL's agreement with the Kazakh government for amending the contract formally makes it a stakeholder in the concession. It had on April 16 signed joint operating and assignment agreements with Kazakhstan's KazMunaiGas Exploration Production for the stake. OVL has an option to raise its stake by a further 10% in case of a commercial discovery.
The agreement was signed by ONGC Videsh director (exploration) Joeman Thomas during the ongoing Indo-Kazakh Joint Council meeting in the Kazakh capital Astana. Minister of state for petroleum R P N Singh is leading the Indian delegation. OVL paid $13 million as a signing amount to Kazakhstan. In addition, it will pay $80 million as a one-time assignment fee to KazMunaiGas.
OVL gets 25% in Kazakh field - The Times of India
