ONGC gets project operator's nod for $ 5 bn Kashagan stake buy
Agencies: New Delhi, Dec 06 2012, 17:27 IST
approved first of the three phases and production is likely to start in second quarter of 2013.
At approved peak from phase-1, OVL's share will be close to 1.6 million tonnes, sources 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, they added.
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