ONGC Videsh, an international business of India-based Oil and Natural Gas Corporation (ONGC) will acquire 8.4% interest in the oil field Kashagan, which is located in the Kazakhstan sector of the Caspian Sea.
ConocoPhillips Commercial, Business Development, and Corporate Planning executive vice president Don Wallette said ONGC Videsh has identified the value of the asset.
"The sale of this quality asset is an important component of our ongoing strategic asset disposition program," Wallette said.
Subject to the various government approvals, Kazakhstan state preemption rights and co-venturers’ preemption rights, the deal is expected to be completed in the first half of 2013.
The carrying value of the net assets related to ConocoPhillips’ interest in Kashagan was about $5.5bn as on 30 September 2012.
