OREANDA-NEWS. April 28, 2014. Kazakhstan offers India to start developing offshore oil block "Abai". This has been announced by Vice Minister of Oil and Gas Magzum Mirzagaliyev during the signing of the protocol of the 11th session of the Kazakh-Indian intergovernmental commission on trade-economic, scientific-technical, industrial and cultural cooperation.

"The 11th IGC meeting between India and Kazakhstan has been held and a relevant protocol was signed. According to the results of the Commission a series of agreements were adopted. In particular, the Indian side will consider our proposal for entry into the oil block "Abai" located in the Caspian Sea. Corresponding proposal was made by the Kazakh side represented by JSC "KazMunaiGas". It should also be noted that today there is a good collaboration between JSC "KazMunaiGas" and the Indian company ONGS Videsh on project "Satpayev". We expect that an oil well will be drilled on this block in 2015," M.Mirzagaliyev said.

According to him, the parties agreed to increase the trade between the countries.

"Despite the fact that our turnover is USD 670 million, it does not reflect our capabilities and cooperation potential. Therefore, we have agreed on its increase today," Vice Minister of Oil and Gas concluded.