ONGC to acquire 25% stake Kazakh oil company
at Thursday, October 13, 2011
NEW DELHI: ONGC Videsh, the foreign arm of state-run explorer Oil and Natural Gas Corp, has acquired 25% stake in the highly prospective Satpayev exploration block in Kazakhstan, which can produce close to 300,000 barrels per day. The deal was signed on Wednesday , completing a 16-year pursuit for the block in the Caspian Sea which is estimated to have 1.85 billion barrels of crude oil reserves, valued at $92 billion at an average price of $50 a barrel.
Credit http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/ongc-videsh-limited-buys-25-in-kazakh-oil-block/articleshow/10334724.cms
