India ONGC Videsh to get 20,000 bpd from Kashagan stake purchase

Last Updated: Mon, Nov 26, 2012 14:20 hrs

NEW DELHI, Nov 26 (Reuters) - India's ONGC Videsh said it would get an average 1 million tonnes a year (20,000 barrels per day) for a period of over 25 year with a peak of 1.6 million tonnes from its planned acquisition of a stake in the Kashagan Field in the Caspian Sea.

ONGC Videsh (OVL), the overseas investment arm of explorer Oil and Natural Gas Corp, on Monday agreed to buy an 8.4 percent stake in the North Caspian Sea production sharing agreement that includes the Kashagan Field, in Kazakhstan, from ConocoPhillips.

"When Phase 2 and 3 are implemented, the OVL's share will be significantly higher," it said in a statement.

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