ONGC may get 40 percent stake in Kazakh block

January 12th, 2009 - 9:44 pm ICT by IANS  

New Delhi, Jan 12 (IAN) India’s ONGC Videsh may buy a stake of up to 40 percent in an oil block in Kazakhstan, an oil ministry official said Monday.ONGC Videsh, the overseas arm of state-run explorer Oil and Natural Gas Corp., may get a share of 30-40 percent in the Satpayev block in the oil and mineral resources rich Central Asian country, the official official said.

Petroleum Secretary R.S. Pandey, along with senior officials of ONGC Videsh, have gone to Kazakhstan to wrap up the deal. The deal is expected to be signed during a visit to India by Kazakh President Nursultan Nazarbayev later this month.

Nazarbayev is expected to be the chief guest at the Jan 26 Republic Day celebration in New Delhi.

ONGC Videsh’s joint venture with Mittal, ONGC Mittal Energy Ltd., has been in negotiations with Kazakh national oil company since 2005 to get a higher stake in offshore block.

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