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Kazakhstan and India discuss stronger oil and gas cooperation

28th April 2014

Kazakhstan offered India an opportunity to explore Caspian Abai oil block at last weeks 11th Kazakhstan-India Inter-Governmental Commission (IGC) meeting in Astana.

Kazakhstan and India discuss stronger oil and gas cooperation
Both sides agreed that they would work closer together to exploit Kazakhstan’s offshore Abai block.

The event was attended by Kazakhstan’s vice-minister of oil and gas, Magzum Mirzagaliev, and Indian petroleum secretary, Saurabh Chandra.

Both sides agreed that they would work closer together to exploit Kazakhstan’s offshore Abai block.

"Hydrocarbons is one of the key areas of our cooperation. Kazakhstan has oil and gas, while India has the market. Our companies have ample experience in production and exploration in this sector. ONGC Videsh owns a 25 per cent share in Satpayev oil block. Exploration of the block will be made. We plan to finish it by March of 2015. Kazakhstan has offered us Abai oil block and our company will study all the available information concerning the block and notify the government of Kazakhstan of its decision," Chandra said.

The Caspian Abai is an offshore oil block in Kazakhstan's section of the Caspian Sea. The oilfield's reserves are estimated to be 387 million tons (2.8 billion barrels) of oil equivalent. The offshore oil field is located in the northern part of the Caspian Sea 65km from the shore at the depth of 8-10 meters.

The Satpayev oil block is an offshore field in the Northern Caspian Sea. Its potential reserves are estimated at 1.8 billion barrels. First oil from the field in expected in 2020.

The two sides also discussed the need to improve transportation links between the two countries to facilitate a growth in trade.

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