Nearly a year after it blocked India’s $5 billion deal to take stake in Kashagan oilfield, Kazakhstan has offered ONGC Videsh Ltd a stake in a medium sized Abai oil block in the Caspian Sea.
The block Abai, which was previously being operated by Statoil of Norway, is adjacent to OVL’s Satpayev exploration block.
Kazakhstan made the offer at the meeting of the Joint Working Group in Astana late last month, official sources said.
OVL, the overseas arm of state-owned ONGC, has been offered 25 per cent interest in the Abai block, which according to Kazakhstan government estimates has 2.8 billion barrels of oil reserves.
However, the Indian firm believes the reserves may not that high and will study the data before accepting the offer, they said.
- Here’s Why Delhi-NCR Gets Pollution Code On Lines Of Beijing
- PM Modi Is More Interested In TRP Politics Rahul Gandhi At Congress Parliamentary Meet
- Bigg Boss 10 December 1 Review: Priyanka Jagga Succeeds In Her Divide And Rule Strategy
- Kahaani 2 Audience Reaction: Vidya Balan Starrer Thriller Gets Mixed Reviews
- Find Out What PM Modi Said About Demonetisation On LinkedIn
- Row Over West Bengal ”Military Coup” Issue Escalates: Who Said What
- Here’s How Mohammad Kaif Replied To Virender Sehwag’s Birthday Wish On Twitter
- West Bengal CM Mamata Banerjee’s Flight Reportedly Had Low Fuel: Here’s What Happened
- Reliance Jio Welcome Offer Extended Till March 31, JioMoney Launched
- Uri Attackers Came From Pakistan, Establishes Digital Data
- Bigg Boss 10 Nov 30 Episode Review: Captaincy Brings Differences In Manoj Punjabi & Manveer Gurjar
- Congress Vice President Rahul Gandhi’s Official Twitter Handle Hacked
- After Rahul Gandhi’s Twitter Handle, Congress Official Twitter Account Hacked
- 3 Dead As Army Helicopter Crashes In Sukna In West Bengal
- BJP, Congress Engage In War Of Words Over Nagrota Attack: Find Out More
Kazakhstan had last year blocked OVL’s $5 billion deal to buy an 8.4 per cent stake in the Kashagan oilfield from US energy giant ConocoPhillips. Kazakhstan exercised its pre-emption right to first buy the ConocoPhillips’ stake and then sell it off to Chinese firm CNPC.
In 2005, India had lost a $4.18 billion deal to buy PetroKazakhstan to China.