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India to hold talks with Kazakhstan on mega trade and economic cooperation

19 сентября 2017 г., 14:15Neftegaz.RU277

Oil and Skill Development Minister Dharmendra Pradhan will co-chair the 13th meeting of Intergovernmental Commission (IGC) with Kazakhstan energy minister Kanat Bozumbayev on September 19, 2017.

 

The meeting is a follow up on the agenda set between India and Kazakhstan during 2 visits of PM Narendra Modi to that nation in 2015 and 2017.

 

Pradhan, who is on a 2 day visit to Kazakhstan, is scheduled to hold discussions for stepping up cooperation in multiple areas including energy, trade, economic, investment, transport & connectivity, agriculture, information technology, space, healthcare and cultural spheres between the two countries with his counterpart.

 

PM Modi and the then PM of Kazakhstan Karim Massimov had in July 2015 launched drilling by ONGC Videsh Ltd (OVL), the international exploratory arm of Oil and Natural Gas Corporation (ONGC) in the Satpayev oil block of Kazakhstan.

 

OVL had bought 25 % of Satpayev oil block in 2011. The company had then informed media that it would be investing around $400 million in the block.

 

The Satpayev block, measuring 1,582 sq km, is located in the North Caspian Sea, in water depths of 6-8 m, and has 2 prospective areas that hold an estimated 256 million tonnes of oil and natural gas resources.

According to information available on OVL’s website, the exploration license of the block is valid till 15 June 2018.

 

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