Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Kazakhstan May Transfer Satpayev Block Stake to ONGC by February

Dec. 6 (Bloomberg) -- Kazakhstan plans to transfer a 25 percent stake in the Satpayev area in the Caspian Sea to Oil & Natural Gas Corp. by February, S. Sundareshan, India’s oil secretary, told reporters in New Delhi today.

The stake was originally awarded to ONGC Mittal Energy Ltd., a venture between India’s largest energy explorer and billionaire Lakshmi Mittal. ONGC will control the entire 25 percent holding in Satpayev after Mittal exited the venture in November last year. KazMunaiGaz National Co., Kazakhstan’s state-run oil company, owns the remaining interest in the field.

India is seeking stakes in oil blocks overseas as part of an effort to secure energy supplies. ONGC signed a memorandum of understanding with KazMunaiGaz in February 2005 to develop exploration and production projects in Kazakhstan.

ONGC shares gained 0.8 percent to 1,329.70 rupees at 1:43 p.m. in Mumbai trading. The stock has advanced 13 percent this year compared with a 15 percent increase in the benchmark Sensitive Index.

To contact the reporters on this story: Bibhudatta Pradhan in New Delhi at bpradhan@bloomberg.net; Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net.

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.