Assets vs markets

ONGC's overseas arm, ONGC Videsh (OVL), has purchased 8.4% of the giant Kashagan oil field in Kazakhstan for $5 billion. Located in the north Caspian Sea, this is the world's largest oil discovery since 1968, with reserves estimated to be as high as 30 billion barrels. With crude prices at $100 per barrel, OVL will recover the full value of its investment in a little more than six years. If prices fall, it will take longer.

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