ConocoPhillips completes sale of Kashagan interest

ConocoPhillips has completed a transaction with KazMunayGas (KMG) to sell its 8.4% interest in the Kashagan North Caspian Sea production sharing agreement.

Offshore staff

HOUSTON –ConocoPhillips has completed a transaction with KazMunayGas (KMG) to sell its 8.4% interest in the Kashagan North Caspian Sea production sharing agreement for approximately $5.4 billion.

In July, ConocoPhillips receivednotification from the Kazakhstan Ministry of Oil and Gas (MOG) that it was exercising its right under the Subsoil Law of Kazakhstan to preempt ConocoPhillips’ proposed sale of its Kashagan interest to ONGC Videsh Ltd. KMG was designated by the MOG as the purchasing entity.

11/05/2013

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