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).

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.

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