ONGC’s overseas investment arm ONGC Videsh (OVL) has obtained all partners nod to bag a stake in Kazakhstan's giant Kashagan oilfield. In November 2012, OVL, agreed to pay US energy giant ConocoPhillips about $5 billion for the 8.4% stake in Kashagan, the biggest oilfield discovery in over four decades.
But this deal is subject to the approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their right of first refusal (ROFR). All the six partners had 60 days time from the date of announcement of the acquisition on November 24 to decide on exercising their right of first refusal on ConocoPhillips' stake.
