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Our Bureau

New Delhi , Aug. 10

A DECISION on the block to be developed by ONGC Videsh Ltd (OVL) in Kazakhstan is to be taken by the end of this year.

The overseas arm of Oil and Natural Gas Corporation (ONGC), ONGC Videsh Ltd (OVL), together with KazMunayGas, have identified two exploration blocks in that country in the Caspian region.

OVL is currently undertaking a joint study of the seismic modes of the two blocks - Satbayev and Mukhanbet.

According to official sources, the Kazakhstan side has indicated that `a definitive result should be ready by December'.

OVL is looking at a 50 per cent stake in these oil blocks. As per an MoU signed between OVL and KazMunayGas, the Indian company would be given one of the blocks for joint development under a product-sharing contract.

The joint study is being partly funded by OVL. Once finalised, both OVL and the Kazakhstan national oil company would hold 50 per cent equity stake each blocks.

The Petroleum Minister, Mr Mani Shankar Aiyar's visit to Astana early this year prompted the talks of acquiring an oil equity in Kazakhstan were initiated.

OVL had signed an MoU with the national oil company of Kazakhstan to concretise development of specific exploration and production projects in that country.

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