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Oil and Natural Gas Ltd. ONGC

(Manufacturing & Production) Dehradun INDIA
Power News
ONGC-Mittal to pay $80 mn for 25 pc stake in Kazakh oilfield     
Oil and Natural Gas Corp and its partner Lakshmi N. Mittal will pay $80 million signing bonus for taking a 25 per cent stake in Kazakhstan's prospective Satpayev oil field in the Caspian Sea.?

ONGC Mittal Energy, the joint venture of ONGC Videsh and Mittal Investment, on Saturday signed Heads of Agreement with Kazakhstan's national oil firm KazMunaiGas (KMG) for the stake, Petroleum Secretary R.S. Pandey said.?

"OMEL will get 25 per cent stake in exploration phase and will have the option of increasing it by 10 per cent upon commercial discovery," he said.?

The 1,582 sq km Satpayev block, situated in the Pre- Caspian Basin of Kazakhstan, holds 1.75 billion barrels of inplace oil reserves. It lies in close proximity to major fields like Karazhanbas, Kalamkas, Kashagan and Donga, where significant quantum of oil has been discovered.?

KazMunaiGas will be the operator of the field and hold the remaining 75 per cent stake.?

OVL Managing Director R S Butola signed the agreement on behalf of OMEL and for KMG its President Kairgeldi Kabyldin inked the deal.?

The agreement is culmination of nearly four years of negotiations during which Kazakhstan went back and forth on giving stake to the Indian company.?

Kazakhstan had initially identified the Satpayev and Makhambet blocks in the Caspian Sea for giving 50 per cent stake in one of them to OVL, the overseas arm of state-owned ONGC. Later it reduced the stake on offer to 25 per cent on condition that the Indian flagship company teamed up with steel baron Lakshmi N. Mittal for entry.?
Oil and Natural Gas Ltd. ONGC 's City : Dehradun
Oil and Natural Gas Ltd. ONGC 's Country : INDIA
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