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Manmohan to sign agreement for 25 p.c. stake in Satpayev oil field in Kazak

Mirza Jatt

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Manmohan to sign agreement for 25 p.c. stake in Satpayev oil field in Kazakhstan

In yet another step towards securing energy sources for meeting the high demand for fossil fuel in the country, Prime Minister, Manmohan Singh will on April 15 reach Kazakh capital Astana, to sign an agreement which will give India 25 per cent stake in the Satpayev oil field on the Caspian Sea.

The deal, being negotiated by state-owned Oil and Natural Gas Corporation Videsh Limited (OVL), is expected to cost around $400 million (approximately Rs.1,800 crore). The deal will be signed during Dr. Singh’s three-day visit for a bilateral summit meeting between India and Kazakhstan. Both countries are also expected to sign an agreement on civil nuclear cooperation also.

Under the proposed agreement, Kazakhstan will transfer 25 per cent stake in the Satpayev oil field to OVL and the balance 75 per cent will be held by Kazakh’s national oil firm KazMunaiGas, which is the operator of the oil field. The contract was originally awarded to ONGC Mittal Energy Ltd consortium, a venture between OVL and Mittal group owned by Indian origin Lakshmi Narain Mittal. However, Mittal's decided to exit from the venture in 2009 leaving OVL to take control of the entire.

The Satpayev oil field is situated in the highly prospective region of North Caspian Sea and in proximity to at least four fields. A peak output of 287,000 barrels per day is envisaged from the 256 million tonnes of reserves in the field. OVL is likely to pay $26 million as signing amount to the Kazakhstan government in addition to the $80 million as a one-time assignment fee. Besides, OVL has committed a minimum exploration investment of $165 million and an additional optional expenditure of $235 million. The 1,582-Sq Km oil block holds 1.8 billion barrel of in place oil reserves.

The Hindu : Business / Industry : Manmohan to sign agreement for 25 p.c. stake in Satpayev oil field in Kazakhstan
 
India has to increase its presence in CAR. India can play vital role in development of infrastructure development in these countries. It has potential to play that role, but its the government not realising that and losing out.
 
India has to increase its presence in CAR. India can play vital role in development of infrastructure development in these countries. It has potential to play that role, but its the government not realising that and losing out.

:lol::lol::lol::lol::lol:


first develop your own infrastructure, even usa is reluctant to develop the ruined 'infrastructure' in iraq
 
:lol::lol::lol::lol::lol:


first develop your own infrastructure, even usa is reluctant to develop the ruined 'infrastructure' in iraq

Pakistan is a super power. India is just a developing Nation. It needs to learn to a lot from its western neighbour.

Does this statement make any happier.

PS: This forum has become a trash .....
 
Pakistan is a super power. India is just a developing Nation. It needs to learn to a lot from its western neighbour.

Does this statement make any happier.

PS: This forum has become a trash .....

i have never seen a guy accusing the forum of its low quality when he himself cant find way out except ranting, cant answer the question
 
Pakistan is a super power. India is just a developing Nation. It needs to learn to a lot from its western neighbour.

Does this statement make any happier.

PS: This forum has become a trash .....

Don't mind him, he's just a troll trying to get anyone banned. Just ignore him
 
Manmohan to visit Kazakhstan; nuke, oil pacts on agenda

India and Kazakhstan are poised to consolidate their strategic partnership as they are expected to sign an inter-governmental framework agreement on civil nuclear cooperation and some other pacts when Prime Minister Manmohan Singh undertakes a visit there on Friday.

Dr. Singh, who will travel to Astana from here as part of his two-nation tour, will also discuss with Kazakh President Nursultan Nazarbaev ways to enhance two-way trade and forging closer physical connectivity.

The inter-governmental agreement on cooperation in peaceful uses of nuclear energy will be among at least six pacts that the two countries are expected to sign during Dr. Singh’s two-day visit as part of an endeavour to consolidate on the strategic partnership put in place in 2009.

India and Kazakhstan already have civil nuclear cooperation since January 2009 when Nuclear Power Corporation of India Limited (NPCIL) and Kazakh nuclear company KazAtomProm signed an MoU during the visit of Nazarbaev to Delhi.

Under the contract, KazAtomProm supplies uranium which is used by Indian reactors.

The inter-governmental agreement will broad-base the cooperation and is expected to cover aspects like research, technology transfer and exploration of uranium in Kazakhstan, which is known to have one of the richest reserves of the nuclear fuel that India needs in increasing quantity, sources said.

Construction of small and medium capacity nuclear plants could also form part of the agreement for which negotiations have been going on for nearly two years.

Ever since the Nuclear Supplies Group (NSG) ended India’s 34-year-old isolation in 2008 by giving a one-time waiver to have cooperation in civil nuclear field, it has signed such civil nuclear agreements with a number of countries including the US, France, Russia, Canada, Argentina and Mongolia.

However, while discussing the future cooperation in the nuclear field, Dr. Singh and Mr. Nazarbaev are expected to keep in mind the recent radiation scare in Japan after tsunami struck there and learn lessons from it.
 
A good deal indeed i hope we get the required energy that we need fast if energy wont be there then it will impact the economy too
 
Kazak has vast oil & gas reserves, but it has only 3 refineries, it exports crude oil to Russia. Indian Private companies like Reliance who have good experience in operating big refineries can venture into this area its a win-win for both India & Kazakhstan. It is also the 9th largest country by land mass, a biggest exporter of Wheat, Cotton & Rice, India have lot of people with experience in field of agriculture, it can negotiate with kazak like with some african countries where indians can buy or lease land or long term basis to cultivate, there are so many possibilities where it will help india & kazaksthan if both can workout a better amicable way to bring prosperity to both nations.
 

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