By OGJ editors
HOUSTON, Oct. 21 -- ChevronTexaco Corp. announced the sale of Texaco North Buzachi Inc., which holds a 65% interest in the North Buzachi oil and natural gas field in northwest Kazakhstan, to the China National Petroleum Co. International Ltd.
Terms of the sale were not released. North Buzachi field is estimated at 1.5 billion bbl of OOIP with current production of 8,400 b/d. The field is close to crude export pipelines to Russia, giving access to Black Sea, Mediterranean, Baltic, and European markets.
Peter Robertson, ChevronTexaco vice-chairman, said, "We've made this decision to sell our interest in North Buzachi as a result of the company's ongoing review of its global portfolio of assets and our desire to sell those that don't fit our long-term strategic objectives."
ChevronTexaco is the leading oil producer in Kazakhstan and has a strong portfolio of assets there, including 505 of giant Tengiz oil field, 20% of the the Karachaganak gas-condensate development, and 15% of the Caspian Pipeline Consortium.