• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 10 mins DUMB IT DOWN-IMPEACHMENT
  • 10 mins Greta named Time Magazine "Person of the Year"
  • 5 hours POTUS Trump signs the HK Bill
  • 1 hour Everything you think you know about economics is WRONG!
  • 5 hours americavchina.com
  • 6 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 1 day WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 1 day Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 7 hours Winter Storms Hitting Continental US
  • 6 hours Aramco Raises $25.6B in World's Biggest IPO
  • 16 hours Can Renewable Natural Gas Compete With Diesel?
UN: Renewables Are Needed Now More Than Ever

UN: Renewables Are Needed Now More Than Ever

The Secretary General of the…

China Is Winning The Offshore Oil Game

China Is Winning The Offshore Oil Game

China’s international presence in the…

ConocoPhillips to Sell Stake in Giant Kazakh Oil Field

ConocoPhillips has announced that it will sell its stake in Kazakhstan’s giant Kashagan oil field.

Kashagan was declared commercially viable 10 years ago and is the largest oil discovery since Prudhoe Bay in Alaska back in the 1960’s. The field will be developed by the North Caspian Operating Company (NCOC), which is owned by a consortium of oil companies including; KazMunaiGas, Eni , ExxonMobil , Royal Dutch Shell, Total, Inpex, and ConocoPhillips.

Sauat Mynbayev , the Kazakh Oil and Gas Minister, said that ConocoPhillips are looking to sell their stake in the development, and Lyazzat Kiinov, the head of Kazakh state oil company KazMunaiGas, has announced that they are considering purchasing the 8.4 percent stake.

The reason for ConocoPhillips’ desire to exit the mammoth oil field and the potential profits that it could bring, is due to the fact that Kazakhstan is looking to increase the revenue that it earns from all foreign oil and gas countries by renegotiating agreements made in the past. The Kazakh government wants to revise the deals that were made in the post-soviet era when they offered very favourable deals just to try and encourage foreign investors.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play