ConocoPhillips' partners in Kazakhstan's Kashagan field, the biggest oilfield discovery in over four decades, have 60 days to decide whether they want an 8.4 percent stake in the project promised to India's Oil and Natural Gas Corp.ConocoPhillips says it intends to sell its Kashagan stake to ONGC Videsh, the Indian group's overseas investment arm, for about $5 billion. But existing partners in the Kashagan project - state-run KazMunaiGas, Italy's Eni, ExxonMobil, Inpex Corp of Japan, Royal Dutch Shell and France's Total - have the right of first refusal on the stake.ONGC Videsh Managing Director D.K. Sarraf told Reuters the Kazakhstan government has six months to approve the deal after the expiry of a 60-day period for partners to exercise their pre-emption rights."The deal has to be approved within 240 days," he said.
ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP remained unchanged at $56.80. In the past year, the shares have traded as low as $50.62 and as high as $78.29. On average, 6131460 shares of COP exchange hands on a given day and today's volume is recorded at 0.
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