Nov 26, 2012, 08.25 PM | Source: Reuters

ONGC Videsh to get 20,000 bpd from Kashagan stake purchase

INDIA-ONGC-CONOCOPHILLIPS:ONGC Videsh to get 20,000 bpd from Kashagan stake purchase

NEW DELHI (Reuters) - ONGC Videsh said it would get an average 1 million tonnes a year (20,000 barrels per day) for a period of over 25 year with a peak of 1.6 million tonnes from its planned acquisition of a stake in the Kashagan Field in the Caspian Sea.

ONGC Videsh (OVL), the overseas investment arm of explorer Oil and Natural Gas Corp , on Monday agreed to buy an 8.4 percent stake in the North Caspian Sea production sharing agreement that includes the Kashagan Field, in Kazakhstan, from ConocoPhillips .

"When Phase 2 and 3 are implemented, the OVL's share will be significantly higher," it said in a statement.

(Reporting by Nidhi Verma; Editing by Jo Winterbottom)


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