Oil and Natural Gas Corporation’s (ONGC) overseas investment subsidiary ONGC Videsh is planning exit Kazakhstan's Satpayev block since it could not find commercially exploitable oil. The company in April 2011 bought 25% of Satpayev oil block. It paid $13 million as a signing amount to Kazakhstan and an additional $80 million as a one-time assignment fee to JSC NC KazMunai Gas (KMG), the national oil company of Central Asian nation.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
