ONGC Videsh Ltd. (OVL) has finalized agreements for the acquisition of 8.40% Participating Interest (PI) of ConocoPhillips in the North Caspian Sea Production Sharing Agreement (NCSPSA), which included the Kashagan field in Kazakhstan.
Kashagan Field is an offshore oil field located in the northern part of the Caspian Sea close to the city of Atyrau in Kazakhstan. It is the world’s largest current development project.
Why this acquisition is important for OVL and India?
- It will mark OVL’s entry into the largest oil proven North Caspian Sea of Kazakhstan.
- OVL’s biggest acquisition.
- It will contribute towards the India’s energy security.