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ONGC eyes oil and gas assets in Kazakhstan

26th September 2013

The state-owned firm is in talks with the Kazakh government to acquire several oil and gas blocks

A Kazakhstan oil field
This is the first time ONGC has been in talks with the country since the government blocked its deal for a stake in the Kashagan oilfield earlier this year

ONGC Videsh is in talks with Kazakhstan concerning possible purchases of oil and gas fields in the energy-rich country.

 

According to Reuters, ONGC Videsh managing director Dinesh Sarraf told reporters at a conference in New Delhi that the company has initiated talks with the Kazakh to identify and acquire possible exploration and production blocks.

 

The Kazakh government had blocked ONGC’s planned purchase of an 8.33 per cent stake in the Kashagan oilfield in the Caspian shelf from US Company ConocoPhillips earlier this year.

 

The deal was agreed in principle in November 2012, but the stake was sold to China National Petroleum Corp for USD 5bn this month.

 

ONGC is also looking for exploration assets in Myanmar, Bangladesh, Lebanon and Australia, Reuters quoted another company executive as saying.

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