Prime Minister Narendra Modi and Kazakhstan Prime Minister Karim Massimov on 7 July 2015 jointly launched the first exploratory drilling of the Satpayev oil block by ONGC Videsh Limited (OVL) and KazMunaiGaz of Kazakhstan.
OVL, the overseas arm of the state-run Oil and Natural Gas Corp (ONGC), had picked up 25 percent stake in Satpayev oil block in the North Caspian Sea in 2011 and committed to invest 400 million dollar in exploration in the block.
Satpayev oil block
The Satpayev oil block is an offshore field (1582 sq km) in the Northern Caspian Sea, in water depths of 6-8 m. It has a potential reserves estimated at 1.8 billion barrels crude oil and natural gas. ONGC Videsh has estimates a peak output of 2 lakh 87 thousand barrels per day from the Satpayev structures.
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When: 7 July 2015