27 November 2012

USA / INDIA / KAZAKHSTAN / CHINA : Conoco Sheds Troubled Kashagan Project...With $5 Billion Delhi Bid.

http://www.bloomberg.com/news/2012-11-26/conocophillips-to-sell-kashagan-stake-for-5-billion-to-ongc.html
       Of interest to barrelheads...and energy speculators.

    The USA's ConocoPhillips is getting rid of its 8.4% share of Kazakhistan's long delayed and expensive Kashagan project.
    India's largest oil company...Oil/Nat Gas Corp/ONGC...is bidding $5 billion to take it off Conoco's ledgers.
    The $46 billion project under the Caspian Sea has dragged along since 2005...buffeted by bad weather...soaring costs...and tax disputes.(Reuters)
    Kashagan may hold 30 billion bbls...with 8-12 bn recoverable...and could produce 370,000 b/d by next year.
    The Kazahks have right of first refusal and 2 months to accept the bid.
    India is finally playing energy catch-up with China...which has aggressively sought foreign oil and nat gas resources.
    ConocoPhillips has been selling assets to cut debt and invest in domestic shale oil and nat gas.
      ALSO:
http://www.reuters.com/article/2012/11/27/us-conocophillips-assetsale-idUSBRE8AP0IJ20121127