OMEL eyes Kazakh block
Petroleum minister Murli Deora has said ONGC Mittal Energy (OMEL) will soon pick up a stake in the Satpayev block located in the pre-Caspian basin of Kazakhstan. OMEL is interested in picking up a 25% stake in the block.
By ET Bureau |
NEW DELHI: Petroleum minister Murli Deora has said ONGC Mittal Energy (OMEL) will soon pick up a stake in the Satpayev block located in the pre-Caspian basin of Kazakhstan. OMEL is interested in picking up a 25% stake in the block. OMEL and the national oil company of Kazakhstan, KazMunaiGaz, had agreed to jointly explore oil and gas in the block during Kazakh president Nursultan Nazarbayev���s India visit in January this year.
���As for the Satpayev block, I understand that all issues have been discussed and finalised between KazMunaiGaz and OMEL. I hope that both the companies would be able to sign the exploration & production (E&P) contract at the earliest,��� Mr Deora said at a meeting held in Astana, the capital of Kazakhstan.
The Satpayev block covers 1,582 sq km and is located at a water depth of 5-10 metres. ���It is situated in a highly prospective region of north Caspian Sea and is in close proximity to major fields, like Karazhanbas, Kalamkas, Kashagan and Donga, where significant quantum of oil has been discovered,��� an official in ONGC Videsh Ltd (OVL) said. OMEL is a joint venture between OVL, the foreign arm of government-owned Oil & Natural Gas Corp (ONGC) and LN Mittal-promoted Mittal Investments Sarl.
Kazakhstan is an important oil province with 3.2% of the world���s oil reserves and 1.1% of global gas reserves. Kazakhstan���s proved reserves are estimated at 39.8 billion barrels of oil, according to the BP Statistical Review of World Energy (June, 2008). It estimates the country���s proven gas reserves at 67.20 trillion cubic feet (tcf) as on December, 2007, he said.
Speaking at the India-Kazakhstan Inter-governmental Commission (IGC) in Astana, Mr Deora invited Kazakh companies to invest in India���s oil and gas sector. He said Indian companies are also looking at investment opportunities in Kazakhstan.
A four- member delegation of ONGC, Indian Oil Corporation and Gail had preliminary discussions with various stake holders in Kazakhstan for an integrated petrochemical project in Atyrau. ���I am confident that they would be able to take the decisions forward successfully,��� he said.
Mr Deora said the inter-governmental agreement between the two countries on ���peaceful uses of nuclear energy��� are at a very advanced stage and the same will be signed very shortly. ���I would like to again underline the fact that we have proven capabilities of designing, constructing and operating small and medium nuclear plants.���
���As for the Satpayev block, I understand that all issues have been discussed and finalised between KazMunaiGaz and OMEL. I hope that both the companies would be able to sign the exploration & production (E&P) contract at the earliest,��� Mr Deora said at a meeting held in Astana, the capital of Kazakhstan.
The Satpayev block covers 1,582 sq km and is located at a water depth of 5-10 metres. ���It is situated in a highly prospective region of north Caspian Sea and is in close proximity to major fields, like Karazhanbas, Kalamkas, Kashagan and Donga, where significant quantum of oil has been discovered,��� an official in ONGC Videsh Ltd (OVL) said. OMEL is a joint venture between OVL, the foreign arm of government-owned Oil & Natural Gas Corp (ONGC) and LN Mittal-promoted Mittal Investments Sarl.
Kazakhstan is an important oil province with 3.2% of the world���s oil reserves and 1.1% of global gas reserves. Kazakhstan���s proved reserves are estimated at 39.8 billion barrels of oil, according to the BP Statistical Review of World Energy (June, 2008). It estimates the country���s proven gas reserves at 67.20 trillion cubic feet (tcf) as on December, 2007, he said.
Speaking at the India-Kazakhstan Inter-governmental Commission (IGC) in Astana, Mr Deora invited Kazakh companies to invest in India���s oil and gas sector. He said Indian companies are also looking at investment opportunities in Kazakhstan.
A four- member delegation of ONGC, Indian Oil Corporation and Gail had preliminary discussions with various stake holders in Kazakhstan for an integrated petrochemical project in Atyrau. ���I am confident that they would be able to take the decisions forward successfully,��� he said.
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Mr Deora said the inter-governmental agreement between the two countries on ���peaceful uses of nuclear energy��� are at a very advanced stage and the same will be signed very shortly. ���I would like to again underline the fact that we have proven capabilities of designing, constructing and operating small and medium nuclear plants.���
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