India’s state-run Oil and Natural Gas Corp Videsh (OVL) has purchased a 25% stake in an oil block in Kazakhstan.
OVL bought a portion of the Satpayev offshore block in the Caspian Sea under a deal signed between OVL and Kazakh state oil firm KazMunaiGas (KMG).
Under the transaction, OVL will pay $80m to KMG.
Kazakh Oil and Gas Minister Sauat Mynbayev said the entire exploration programme will be funded by the Indian company.
Delhi has allotted a total investment of up to $400m for the Satpayev block, reports Reuters.
The block is expected to have a peak output of 287,000 barrels per day.