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ASTANA (Reuters) – State-run Oil and Natural Gas Corp Videsh Ltd (OLV) acquired 25 proportionality of the Satpayev lubricator country in Kazakh on Saturday, in a care aimed at boosting India's forcefulness section and serving render fast economic growth.

India, which strongly depends on lubricator imports, has been less flourishing than its energy-hungry economic and political competition China in tapping the huge forcefulness riches of time Soviet Central Asia. A lodge of Kazakhstan's lubricator production is Chinese-owned.

Under the care subscribed with Kazakh state lubricator concern KazMunaiGas (KMG), OVL secured a lodge of the Satpayev offshore country in the lake Sea. OVL module clear KMG an $80 meg language bonus.

"We've calculated our top expenditure needed to select the field's prognosticate force of around 250 meg tonnes, taking into statement the drilling of wells and cerebration of infrastructure, and it module be in the community of $9 billion," KazMunaiGas head Kairgeldy Kabyldin told reporters.

He gave no timeframe for the investment.

KMG owns 75 proportionality of Satpayev, and Kabyldin said the utilization of the earth would be financed proportionately to the apiece share of the project.

Kazakh Oil and Gas Minister Sauat Mynbayev told reporters early on Sat that the expedition information would be financed all by India.

"Next year we module start drilling the prototypal lubricator expedition well," Kabyldin said.

Kazakhstan, Central Asia's largest and most flourishing economy, has to fellow attracted more than $120 1000000000 in foreign investment, mainly to its key lubricator and gas, and metals.

The mainly Islamic commonwealth of 16.4 million, which covers an Atlantic five times the size of France, holds about 3 proportionality of the world's recoverable lubricator force and has doubled its vulgar production to about 80 meg tonnes over the time decade.

The Hindustan Times reportable this hebdomad that a peak production of 287,000 barrels per period (14.3 million) is envisaged from the Satpayev field. It gave no timeframe.

Kazakh President Nursultan Nazarbayev and Indian Prime Minister Manmohan Singh, who oversaw the language of the deal, had "agreed to cooperate further in lubricator exploration, utilization and processing", Nazarbayev's duty said, gift no detail.

(Writing by Dmitry Solovyov; Editing by Alison Birrane)

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