Kazakhstan has passed 25% of the Satpaev project at the shelf of the Caspian Sea to India

Kazakhstan and India have signed a package of documents on the transfer of a 25% share in the project “Satpaev” at the shelf of the Caspian Sea in favour of the Indian company “ONGC Videsh Limited”.

At first,India will pay out $80 million for this share, while the main payments will be carried out in the future. The size of payment will depend on the results of the exploration, the Minister of Oil and Gas S.Mynbaev said after the ceremony of signing documents. According to him, advantages for the national company “KazMunaiGas” are that the deposit exploration programme is fully financed by India, which is about to acquire 25% in the block.

The Minister said that the volumes of investments will be defined soon. On February 18, 2005, a memorandum of understanding between KazMunaiGas and Indian “ONGC Videsh Limited” on the exploration and development at the shelf of the Caspian Sea was signed. The site Satpaev is in the northern part of the Kazakhstan sector of the Caspian Sea, 90 km from the coast.  

http://www.geonews.com.ua/index.cgi?a=40926

Translated by Iraida Idiyatova