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OVL gets Government nod for investment in Satpayev block

Wednesday, 22 Apr 2009
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The Union Government has given clearance to ONGC Videsh Ltd's (OVL) investment of about $ 400 million (approx Rs 2,000 crore) for development of the Satpayev oil field in Kazakhstan.

An empowered committee of Secretaries has recommended to the government for approval of OVL and its partner Lakshmi N Mittal for picking up a 25 per cent stake in Satpayev oil block. ONGC-Mittal Energy, the equal JV of OVL and Mittal Investment, will pay $ 26 million (approx Rs 130 crore) signing amount for the stake in the oil field. KazMunaiGas will be the operator of the field and hold the remaining 75 per cent stake.

The 1,582 sq km Satpayev block, situated in the Pre- Caspian Basin of Kazakhstan, holds 1.75 billion barrels of inplace oil reserves.

Also See:

Mittal may sell half stake of Kazakhstan block to OVL (15-Apr-09)

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