• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 41 mins Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 46 mins Theresa May to Step Down
  • 4 hours Old - New Kim: Nuclear Negotiations With U. S. Will Never Resume Unless Washington Changes Its Position
  • 8 mins IMO 2020 could create fierce competition for scarce water resources
  • 29 mins Is $60/Bbl WTI still considered a break even for Shale Oil
  • 3 hours India After Elections: Economy And Hindu Are The First Modi’s Challenges
  • 14 mins IMO2020 To scrub or not to scrub
  • 5 hours Total nonsense in climate debate
  • 2 hours Apple Boycott in China
  • 1 min Devastating Sanctions: Iran and Venezuela hurting
  • 11 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 13 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 227 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 2 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
U.S. Energy Storage Capacity Set To Double This Year

U.S. Energy Storage Capacity Set To Double This Year

U.S. grid-connected energy storage capacity…

China Shows Interest in ConocoPhillip’s Kashagan Oilfield Stake

The Kashagan oilfield in Kazakhstan, with an estimated 30 billion barrels of crude oil, was the largest oil discovery in the last 40 years. A multinational consortium was formed between Eni of Italy, ExxonMobil, Royal Dutch Shell, Total of France, Inpex of Japan, ConocoPhillips, and the Kazakhstani government, to develop the Kashagan oil field; production is expected to begin later in the year.

ConocoPhillips (NYSE: COP), as part of its strategy to reduce debt and increase investments in domestic shale oil and gas projects, has been selling off assets, and is trying to find a buyer for its stake in the Kashagan field.

India’s state-owned oil and natural gas corp. has made a $5 billion bid for the stake, but now the Kazakh Oil & Gas Minister Sauat MynBayey has claimed that China, represented by an unknown state-run company, has shown interest in buying ConocoPhillip’s stake.

Related article: Proposed Kazakh-Indian Pipeline a Long Shot at Best

Kazakhstan also has the option of buying the stake; actually they have the pre-emptive right to buy the 8.4% stake if they so wish, although they must make their decision before the end of May.

Kazakhstan is home to three percent of the world’s recoverable oil reserves and in recent years has tried to bring those reserves more under the control of the government and state-run oil firm KazMunaiGas in order to earn larger revenues from the sector. This may mean it is more likely that Kazakhstan will take the opportunity to buy the stake and consolidate a larger share of the consortium.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News