To an apparent displeasure to India's expectation Kazakhstan remain tight-lipped on India Kazakh oil field agreement.
Indian owned Oil and Natural Gas Corp (ONGC) will have to wait for signing of the contract for Kazakhstan's Satpayev oil field as the Central Asian nation seems not yet ready even after awarding it nearly two years ago.
India was hoping that ONGC Videsh Ltd, the overseas arm of the state-run firm, will be able to ink the Exploration and Production Contract (EPC) for the Caspian Sea block at the meeting of the India-Kazakhstan Inter-Governmental Commission on Monday but Kazakh side was not ready.
Kazakhstan Oil and Gas Minister Sauat Mynbayev will lead the Caspian nation at the inter-governmental talks while the Indian side will be led by Petroleum Minister Murli Deora at the day-long talks.
OVL is to invest about $400 million in the prospective Satpayev oilfield in the Caspian Sea.
Satpayev is situated in highly prospective region of North Caspian Sea and is in proximity to at least four fields.
A peak output of 287,000 barrels per day (14.3 million tonne a year) is envisaged from the 256 million tonne of reserves in the field.
Kazakh national oil firm KazMunaiGas will be the operator of the field, holding remaining 75 per cent stake.
Kazakhstan had initially identified the Satpayev and Makhambet blocks in the Caspian Sea for giving 50 per cent stake in one of them to OVL.
Later, it reduced the stake on offer to 25 per cent on condition that OVL teamed up with Mittal, who has steel plants in that country. But in November 2009, Mittal pulled out of the project and OVL decided to take the entire 25 per cent stake on its own.
Indian owned Oil and Natural Gas Corp (ONGC) will have to wait for signing of the contract for Kazakhstan's Satpayev oil field as the Central Asian nation seems not yet ready even after awarding it nearly two years ago.
India was hoping that ONGC Videsh Ltd, the overseas arm of the state-run firm, will be able to ink the Exploration and Production Contract (EPC) for the Caspian Sea block at the meeting of the India-Kazakhstan Inter-Governmental Commission on Monday but Kazakh side was not ready.
Kazakhstan Oil and Gas Minister Sauat Mynbayev will lead the Caspian nation at the inter-governmental talks while the Indian side will be led by Petroleum Minister Murli Deora at the day-long talks.
OVL is to invest about $400 million in the prospective Satpayev oilfield in the Caspian Sea.
Satpayev is situated in highly prospective region of North Caspian Sea and is in proximity to at least four fields.
A peak output of 287,000 barrels per day (14.3 million tonne a year) is envisaged from the 256 million tonne of reserves in the field.
Kazakh national oil firm KazMunaiGas will be the operator of the field, holding remaining 75 per cent stake.
Kazakhstan had initially identified the Satpayev and Makhambet blocks in the Caspian Sea for giving 50 per cent stake in one of them to OVL.
Later, it reduced the stake on offer to 25 per cent on condition that OVL teamed up with Mittal, who has steel plants in that country. But in November 2009, Mittal pulled out of the project and OVL decided to take the entire 25 per cent stake on its own.
