Kazakhstan preempts ONGC Videsh Caspian bid

The government of Kazakhstan has preempted a bid by ONGC Videsh of India to acquire the 8.4% stake held by ConocoPhillips in the North Caspian Sea Production Sharing Agreement, which includes giant Kashagan oil and gas field (OGJ Online, Dec. 3, 2012).

State-owned KazMunaiGaz will buy the interest. Kazakhstan’s subsoil law provides for the preemption.

North Caspian Operating Co. operates the production-sharing agreement for seven companies.

ConocoPhillips said it expects proceeds of its sale to remain at about $5 billion, subject to normal adjustments.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...