ONGC Videsh to buy stake in offshore Kashagan oil field

12/03/2012
ONGC Videsh Ltd. agreed to buy an 8.4% interest in the North Caspian Sea production-sharing agreement, including Kashagan offshore oil field, from ConocoPhillips, subject to approvals from Kazakhstan government authorities and consortium partners waiving their priority rights. ConocoPhillips expects proceeds of $5 billion. ONGC Videsh is a wholly owned subsidiary of Oil & Natural Gas Corp. Ltd. Once completed, the acquisition would mark ONGC Videsh's entry into Kashagan. The transaction is expected to close in first-half 2013. Consortium partners have first right of refusal and 60 days to exercise their preemption rights, ONGC Videsh executives have said. ONGC Videsh, the internationa...
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