The state run ONGC Videsh has agreed to pay about $5 billion for 8.4% of the Kashagan field in Kazakhstan, the world's largest oilfield discovery in four decades - which could boost its output by about 16% within a year. This deal is primarily in the scenario where the oil companies are faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions. Indian oil companies are hungry for deals like ONGC's Kashagan buy that promise
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