Share of ConocoPhilips in Kashagan is transferred to Kazakhstan

Today it became known that one of the largest oil companies in the world, ConocoPhilips, has signed a deal with KMG on the sale of its 8.4 % stake in the project on the development of the Kashagan field in the Kazakh sector of the Caspian Sea for about $5.4 billion.

In early July, the Ministry of Oil and Gas of Kazakhstan informed ConocoPhillips of its intent to use the government's pre-emptive right to acquire the company's share in the North-Caspian project.