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A senior official of ONGC Videsh Ltd has said that the firm is planning to withdraw from the Satpayev block in Kazakhstan. OVL acquired 25% stakes in the block in 2011, marking its entry in Kazakhstan’s oil and gas industry. Satpayev’s proximity to major discoveries in the North Caspian Sea tempted OVL to buy shares in the block. The firm’s $300 million exploration campaign, however, didn’t meet with much success.
