A government panel today cleared public sector ONGC Videsh Ltd's investment of about USD 400 million for development of an oil field in Kazakhstan.
Empowered Committee of Secretaries recommended to the Cabinet for approval of ONGC Videsh Ltd (OVL) and its billionaire partner Lakshmi N Mittal picking up a 25 per cent stake in Satpayev oil block, a petroleum ministry official was quoted as saying by Indian news papters.
As per the reports, ONGC-Mittal Energy Ltd, the equal joint venture of OVL and Mittal Investment, will pay USD 26 million signing amount for taking a 25 per cent stake in Satpayev oil field.
The 1,582 sq km Satpayev block, situated in the Pre- Caspian Basin of Kazakhstan, holds 1.75 billion barrels of in place oil reserves. It lies in 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
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