ConocoPhillips' partners in Kazakhstan's Kashagan field have 60 days to exercise pre-emption rights to prevent India's ONGC Videsh from buying an 8.4 percent stake in the project held by the U.S. company, the Indian firm's managing director said.ConocoPhillips has said it aims to sell its stake in the Kashagan field, the world's biggest oilfield discovery since 1968, for about $5 billion to ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp.D.K. Sarraf told Reuters the Kazakhstan government has six months to approve the deal after the expiry of a 60-day period for the partners to express their right of first refusal."The deal has to be approved within 240 days," Sarraf 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 traded higher by 0.23% or $0.13/share to $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 5481419.
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