India's ONGC Videsh Eyes Kazak Oil

January 12, 2009

By Nidhi Verma, Reuters

India's ONGC Videsh is close to getting an up to 40 percent stake in the Satpayev exploration block in Kazakhstan, an oil ministry official told reporters on Monday.

"We hope to get 30-40 percent stake in the block. Oil secretary RS Pandey and ONGC Videsh officials have gone to Kazakhistan to finalise the deal," the official, who did not want to be identified because the deal has not yet been signed, told reporters on the sidelines of the Petrotech conference.

ONGC Videsh is the overseas arm of state-run explorer Oil and Natural Gas Corp  

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