Kazakhstan offers oil field to ONGC Videsh Ltd. in the Caspian Sea.

Nearly a year after it blocked India's USD 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 Oil and Natural GasB Corp (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.



ET