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ConocoPhilips Sale in Kazakhstan Pre-empted Following Kazakh Law

Kazmunaigas Exploration Production ConocoPhillips
AnnouncedJul 2, 2013
TypeProperty
Announced Date
July 02,2013
Close Date
October 31,2013
Transaction Type
Property
Enterprise Value (EV)($MM)
5392




Snapshot
Asset/Basin:
{"Caspian Sea"}
Location
Region
Asia - Central

Country
Kazakhstan


Transaction Details:  Subscribe to see

ConocoPhillips today confirmed receiving official notification that the Kazakhstan Ministry of Oil and Gas is exercising its right under the Subsoil Law of Kazakhstan to pre-empt ConocoPhillips’ proposed sale of its 8.4 percent interest in the North Caspian Sea Production Sharing Agreement (Kashagan) to ONGC Videsh Limited.
As part of such notice, the Ministry of Oil and Gas designated KazMunayGas (KMG) as the entity that will acquire ConocoPhillips’ interest in Kashagan, located in the Kazakhstan sector of the Caspian Sea.
The proceeds received by ConocoPhillips under the pre-emption will…

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