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Finally,
India gets stake in Kazakh oil block
Saturday April 16, 2011 02:53:21 PM,
Sarwar Kashani, IANS
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Astana: Energy-hungry
India got a foothold in Kazakhstan's oil and gas assets Saturday
with the signing of an agreement to buy a 25 percent stake in the
Central Asian country's Satpayev exploration block in the Caspian
Sea.
The $400 million (Rs.1,800 crore) worth energy pact was signed
between India's ONGC Videsh Ltd and Kazakhstan's national company
Kazmunaigas during Prime Minister Manmohan Singh's short trip to the
mineral-rich country.
India has been trying to gain a foothold in Kazakhstan oil reserves
since 1995 and the two countries took more than five years of
negotiation to finalise the agreement.
The block covers an area of nearly 1,500 sq km and is in a highly
prospective region of the North Caspian Sea "in close proximity to
major discoveries", an Indian official said.
It would help secure India's high demand of fossil fuel.
The field has an estimated 256 million metric tonnes in hydrocarbon
resources.
India imports more than 70 percent of its oil needs from several
different countries with Saudi Arabia and Iran topping the list.
The two strategic partners also signed an agreement for cooperation
in the peaceful uses of atomic energy.
It envisages a legal framework for mutually beneficial cooperation
between the two sides in the peaceful uses of atomic energy,
including fuel supply, nuclear medicine, use of radiation
technologies for healthcare including isotopes, reactor safety
mechanisms, exchange of scientific and research information,
exploration and joint mining of uranium, design, construction and
operation of nuclear power plants.
According to the agreement, Kazakhstan will supply 2,100 tonnes of
uranium to India by 2014.
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