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Investments into Satpayev oil block to make up $ 9 billion

16 april 2011, 20:42
0
Kairgeldy Kabyldin
Kairgeldy Kabyldin
Capital investments into Satpayev oil block will make up about $ 9 billion, Interfax – Kazakhstan reports, citing Mr. Kairgeldy Kabyldin, Head of KazMunaiGaz National Oil Company.

According to Mr. Kabyldin, at the exploration stage all the expenses will be covered by the Indian side, wearers at the development stage the expenses will be shared on parity basis. He also elaborated that anticipated reserves of Satpayev oil block are estimated at about $ 250 000 tons.

“Exploration works will be carried out this year, and the first exploration well will be drilled next year”, Mr. Kabyldin said.
Back in June 2010 the Kazakhstan’s Ministry of Oil and Gas and kazMunaiGaz National Oil Company signed an agreement on exploration and development of Satpayev oil block. April 16, 2011 Kazakhstan and India signed an agreement to transfer 25% in the oil block to the Indian ONGC Videsh Limited.


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