ConocoPhillips to sell Kazakh stake for $5 billion to ONGC

ConocoPhillips (COP.N) is to sell its 8.4 percent stake in Kazakhstan oil field Kashagan for about $5 billion to Oil and Natural Gas Corp (ONGC.NS), a state-run Indian group looking to boost production.

Kashagan, the world's biggest oilfield discovery since 1968, holds an estimated 30 billion barrels of oil-in-place, of which 8 billion to 12 billion are potentially recoverable, with first production expected next year. Start-up of the field has been delayed since 2005 due to cost overruns and disputes with authorities over taxes.

With ONGC's domestic output flat for years, India now buys nearly 80 percent of its oil needs and is the world's fourth-biggest oil importer.

Read Full Article from Reuters

- Posted: 2012-11-26 16:17:28

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