KMG, the national oil company of Kazakhstan, signed an agreement on Oct. 12 for the acquisition of a 25% stake in the Satpayev exploration block in the Caspian Sea by ONGC Videsh. The Indian company paid a $13 million signing bonus for the block, according to the Economic Times.
The company will also pay a one-time assignment fee of $80 million to KMG. ONGC Videsh will invest an initial $165 million to explore the block, which has two prospective structures -- Satpayev and Satpayev Vostochni (East). If the block becomes commercial, the Indian company can increase its share to 35%.
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