NEW DELHI, Jan 24 (PTI): Oil and Natural Gas Corp and its billionaire partner Lakshmi N Mittal today signed an agreement to take a 25 per cent stake in Kazakhstan’s prospective Satpayev oil field in the Caspian Sea.
ONGC Mittal Energy Ltd, the joint venture of ONGC Videsh Ltd and Mittal Investment Sarl, signed the agreement with Kazakhstan’s national oil firm KazMunaiGas (KMG) for the stake, official sources said.
OVL managing director R S Butola signed the agreements on behalf of OMEL and for KMG its president Kairgeldi Kabyldin inked the deal.
The agreement is clumination of nearly four years of negotiations during which Kazakhstan went back and forth on giving stake to the Indian company.
Kazakhstan had initially identified the Satpayev and Makhambet blocks in the Caspian Sea for giving a 50 per cent stake in one of them to OVL, the overseas arm of state-owned ONGC. Later it reduced the stake on offer to 25 per cent on condition that the Indian flagship teamed up with steel baron Lakshmi N Mittal for entry.
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