Mumbai: Witnessing a major blow, state-run ONGC lost its hold over the Kashagan oilfield to the Chinese entity after Kazakhastan blocked its US$5 billion deal to buy stake at US major Conoco Phillips in the Caspian Sea Oilfield.
As per the officially disclosed information, the Kazakh Oil and Gas Ministry has informed the Conoco Phillips that its PSU KazMunaiGas will purchase the 8.4% stake for about $5 billion. Later, this stake will be sold to China National Petroleum Corporation for about $5.3-$5.4 billion.
ONGC’s overseas investment arm ONGC Videsh had in November last year, submitted its deal to buy the said stake in Kashagan oilfield. However, the Kazakh law permitting the Central Asain nation to refusal rights, held an option to step in and buy the stake at the price agreed between the Indian unit and Conoco Phillips.
The Kashagan, a Caspian Sea Field holds potential to produce 3,70,000 barrels of oil per day. The output production is expected to commence production in September. India records a loss of at least $12.5 billion to China in the past years.
Read More :- http://www.epcworld.in/epcnews/kashagan-oil-field-slips-from-india-to-china.aspx
As per the officially disclosed information, the Kazakh Oil and Gas Ministry has informed the Conoco Phillips that its PSU KazMunaiGas will purchase the 8.4% stake for about $5 billion. Later, this stake will be sold to China National Petroleum Corporation for about $5.3-$5.4 billion.
ONGC’s overseas investment arm ONGC Videsh had in November last year, submitted its deal to buy the said stake in Kashagan oilfield. However, the Kazakh law permitting the Central Asain nation to refusal rights, held an option to step in and buy the stake at the price agreed between the Indian unit and Conoco Phillips.
The Kashagan, a Caspian Sea Field holds potential to produce 3,70,000 barrels of oil per day. The output production is expected to commence production in September. India records a loss of at least $12.5 billion to China in the past years.
Read More :- http://www.epcworld.in/epcnews/kashagan-oil-field-slips-from-india-to-china.aspx