Indian ONGC wants to join the oil production in Kazakhstan

/IRBIS, Feb.11, 00/ - REUTERS informs, with the reference to executive director of ONGC Atul Chandra, that Indian state oil company ONGC intends to join in the development of oil fields in Kazakhstan. "If not today, then tomorrow we will certainly work in Kazakhstan", said the executive director. He said the country (India) was the sixth biggest consumer of oil in the world and it had no capacities to increase domestic production. The executive director said they needed to search for oil abroad to provide their homeland with oil. Indian company may be also interested in other oil fields such as Tengiz and Alibekmola in West Kazakhstan and some plots on Caspian shelf. He expressed their wish to participate in Tengiz, but only after consultations with investment banks. He reminded Kazakhstani prime-minister that a few years ago his company had made an offer to buy 5% in Tengiz project for $300 mln. Tengiz is being developed by JV Tengizchevroil with 45% of shares belonging to Chevron, 25% to Mobil, 5% to Russian-American LUKArko. Kazakhstan has 25% stake. With regard to Caspian plots ONGC was offered to participate in the contest for the right to develop them.