Kazakhstan, China May Acquire ConocoPhillips' (COP) Kashagan Oilfield Stake
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Following initial indications late last year, energy giant ConocoPhillips (NYSE: COP) might be moving to exit a consortium focused on developing the Kashagan oilfield in Kazakhstan.
Reuters reports that Kazakh Oil & Gas Minister Sauat Mynbayev said the move hasn't been considered, but could be a possibility. The country has a preemptive right to acquire Conoco's 8.4 percent stake in the country.
China might also be in on the talks, Reuters noted.
Kazakhstan has until late May to make a decision on the stake, with Mynbayev saying the move will depend on terms offered as well as overall "desire" to own the asset.
Other owners in the development include Exxon Mobil (NYSE: XOM), Eni SpA (NYSE: E), Royal Dutch Shell (NYSE: RDS-A), and Total SA (NYSE: TOT), all of which own similarly-sized stakes. Japan's Inpex holds a 7.56 percent stake in the play.
Reuters reports that Kazakh Oil & Gas Minister Sauat Mynbayev said the move hasn't been considered, but could be a possibility. The country has a preemptive right to acquire Conoco's 8.4 percent stake in the country.
China might also be in on the talks, Reuters noted.
Kazakhstan has until late May to make a decision on the stake, with Mynbayev saying the move will depend on terms offered as well as overall "desire" to own the asset.
Other owners in the development include Exxon Mobil (NYSE: XOM), Eni SpA (NYSE: E), Royal Dutch Shell (NYSE: RDS-A), and Total SA (NYSE: TOT), all of which own similarly-sized stakes. Japan's Inpex holds a 7.56 percent stake in the play.
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