OMEL, KazMunaiGaz to jointly explore for hydrocarbons
ONGC Mittal Energy Limited and the national oil company of Kazakhstan, KazMunaiGaz, have signed a heads of agreement for exploration of oil and gas in the Satpayev Block in the Kazakhstan section of the Caspian Sea.
According to Oil and Natural gas Corporation (ONGC) the heads of agreement signed is in pursuance to the memorandum of understanding that was signed between OVL and KazMunaiGaz (KMG) in February 2005, for co-operation in the oil and gas sector of Kazakhstan.
The two companies are now actively pursuing together with the government of Kazakhstan for finalization of the exploration and production contract, said the company.
The Satpayev Block, situated in the Pre-Caspian Basin of Kazakhstan in the Caspian Sea, covers an area of 1,582sqkm and is at a water depth of 5m to 10m.
ONGC Mittal Energy (OMEL) is a joint venture between ONGC Videsh (OVL) and Mittal Investments.
Kazakhstan oil province claims to contribute 3.2% of oil and 1.1% of gas towards the world’s share of proved reserves. According to BP Statistical Review of World Energy, June, 2008, Kazakhstan's proved reserves are estimated to comprise 39.8 billion barrels of oil and proved gas reserves are 67.20 tcf as on December,2007 and the oil and gas production are 1,490 thousand b/d (2007) & 27.3 bcm (2007), respectively.
Related Insight
Suppliers Directory
Power Generation Biofuels & Biomass Fossil Fuel Geothermal Hydro Nuclear Solar Wind
Power Distribution Utilities Network Utilities Retail
Mining & Commodities Carbon Coal Minerals & Materials Nuclear Fuels
Intelligence
“Competing For Share Of Global Upstream Oil & Gas Industry Spend In 2010-2011” is a new report published by ICD Research that analyzes how industry suppliers’ media spend, marketing and sales strategies & practices and business planning will be shaped in 2010 to 2011. In an uncertain economic climate this report gives you access to the media channel spending outlooks, media budgets, marketing agency selection criteria, business challenges and sales tactics of leading suppliers to the upstream oil and gas industry. The report also identifies oil and gas exploration and production companies and suppliers future growth, M&A and investment expectations. The research is based on an extensive survey of senior and C-level industry executives from our market leading panels. Reports Buy online from $2000
Comments may be moderated for spam, obscenities or defamation.