ONGC gets partners' nod for $5-bn Kashagan stake buy
to decide on the bid," the official said pointing that the Central Asian country's national oil firm Kazmunaigas had chosen not to exercise its pre-emption right.
After years of delay and at a total cost of more than USD 40 billion, Kashagan is due to begin production in the second quarter of 2013.
Kashagan holds 33 billion barrels of inplace oil reserves, of which about 10 billion are potentially recoverable. Of this, OVL's share will be 842 million barrels.
At approved peak from phase-1, OVL's share will be close to 1.6 million tonnes, the official said adding over 25-year period the company's share comes to an average of 1 million tonnes per annum.
Kashagan, the biggest world oilfield discovery since 1968, may produce 370,000 barrels of oil per day at peak and in subsequent phases, the output may rise up to 450,000 bpd (22.5 million tonnes per annum).
When Phase 2 and 3 are implemented, the OVL's share will be significantly higher, he added.
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