Finally, India gets stake in Kazakh oil block
April 16th, 2011 - 4:03 pm ICT by IANS
Astana, April 16 (IANS) Energy-hungry India got a foothold in Kazakhstan’s oil and gas assets Saturday with the signing of an agreement to buy a 25 percent stake in the Central Asian country’s Satpayev exploration block in the Caspian Sea.
The $400 million (Rs.1,800 crore) worth energy pact was signed between India’s ONGC Videsh Ltd and Kazakhstan’s national company Kazmunaigas during Prime Minister Manmohan Singh’s short trip to the mineral-rich country.
India has been trying to gain a foothold in Kazakhstan oil reserves since 1995 and the two countries took more than five years of negotiation to finalise the agreement.
The block covers an area of nearly 1,500 sq km and is in a highly prospective region of the North Caspian Sea “in close proximity to major discoveries”, an Indian official said.
It would help secure India’s high demand of fossil fuel.
The field has an estimated 256 million metric tonnes in hydrocarbon resources.
India imports more than 70 percent of its oil needs from several different countries with Saudi Arabia and Iran topping the list.
The two strategic partners also signed an agreement for cooperation in the peaceful uses of atomic energy.
It envisages a legal framework for mutually beneficial cooperation between the two sides in the peaceful uses of atomic energy, including fuel supply, nuclear medicine, use of radiation technologies for healthcare including isotopes, reactor safety mechanisms, exchange of scientific and research information, exploration and joint mining of uranium, design, construction and operation of nuclear power plants.
According to the agreement, Kazakhstan will supply 2,100 tonnes of uranium to India by 2014.
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