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ONGC Videsh Limited signs a tripartite agreement with Kazmunaigaz, Kazakhstan
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 12th October, 2011.