Prime Minister Narendra Modi and his Kazakh counterpart Karim Massimov have jointly launched the first exploratory drilling of the Satpayev oil block by ONGC Videsh Limited (OVL) and KazMunaiGaz.
With the two leaders launching the drilling via video conferencing, the move will present a significant step towards achieving the energy security needs of the 'Make in India' initiative and will provide a strategic foothold gain in the Central Asian region.
The Satpayev oil block is an offshore field in the Northern Caspian sea, with potential reserves reportedly estimated at 1.8 billion barrels.
