One-Page Deal Sheet
Conoco Sells Interest in North Caspian to ONGC
Ongc Ltd. ConocoPhillips
Announced Date
November 26,2012
Close Date
October 31,2013
Transaction Type
Property
Enterprise Value (EV)($MM)
5000
Asset/Basin:
{"North Caspian (Kashagan)","Caspian Sea"}
Location
Region
Asia - Central
Country
Kazakhstan
Transaction Details: Subscribe to see
ConocoPhillips said it plans to sell its 8.4% interest in Kazakhstan's Kashagan offshore oil field to India's ONGC Videsh Ltd. for $5 billion. The company expects proceeds of about $5 billion, which represents the purchase price plus expected working capital and customary adjustments at closing. ConocoPhillips expects to record an after-tax impairment of about $400 million in the fourth quarter of 2012 to reduce the carrying value to fair value.
ConocoPhillips has notified government authorities in Kazakhstan and its co-venturers of the company's intent to sell its 8.4 percent interest in…
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