ONGC Videsh Limited signed a tripartite agreement with the Ministry of Oil and Gas of Kazakhstan and Kazmunaigaz, the national oil company of Kazakhstan amending a E&P Contract, to give effect to OVL's 25% participating interest in the Satpayev Block in the oil rich north Caspian Sea of Kazakhstan. The potential oil resources jointly estimated for this block is 1.8 billion barrels. Oil is expected to flow by 2020. The Agreement was signed by Mr. Joeman Thomas, Director (Exploration), OVL and Mr. Sauat Mynbayev, Minister of Oil and Gas of Kazakhstan, Mr. Bolat Akchulakov, President of Kaznmunaigaz in the presence of Shri R P N Singh, Minister of State for Petroleum & Natural Gas at the Ministry of Oil and Gas in Astana on October 12, 2011.
Shri R P N Singh, Minister of State for Petroleum & Natural Gas was leading an inter-ministerial delegation to Kazakhstan for the 9th meeting of the India-Kazakhstan Inter-Governmental Commission on Trade, Economic, Scientific, Technological, Industrial and Cultural Cooperation.
Satpayev Exploration block is located in a hydrocarbon prolific region of North Caspian Sea at a water depth of 5 to 10 meters, 100 km to the South Western coast of Kazakhstan. ONGC Videsh Limited has been pursuing exploration opportunities in Kazakhstan and Satpayev block was identified by OVL and KazMunayGas(KMG), National oil company of Kazakhstan for joint exploration as a result of MOU signed by both the companies.
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