ONGC confirms interest in Kazakh oil asset

Reuters
Posted: 2008-10-09 09:35:45+05:30 IST
Updated: Oct 09, 2008 at 0935 hrs IST

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Leading Indian explorer Oil and Natural Gas Corp confirmed on Thursday its interest in buying a stake in MangistauMunaiGas (MMG), a Kazakhstan-based oil producer.

A government source said earlier this week ONGC had approached the Kazakh side over MMG, which has total oil reserves of 812 million tonnes and recoverable reserves of 194 million tonnes.

Narinder Pal Singh, the head of the Kazakh representative office of ONGC Videsh Limited, the overseas arm of ONGC, said his company was eyeing MMG.

"There have been no talks on MMG, but we are interested in this asset," Singh said on the sidelines of an annual oil and gas conference in Kazakhstan.

Kazakh oil company KazMunaiGas has received state approval to buy a controlling stake in MMG from Indonesia's Central Asia Petroleum Ltd. It was yet to close the deal.

Gazprom Neft, a unit of Gazprom, had previously said it wanted to offer Kazakhstan a stake in one of its fields in Western Siberia in exchange for a 49 per cent stake in MMG, but its offer had been rejected.

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ONGC confirms interest in Kazakh oil asset

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