• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 1 min One Last Warning For The U.S. Shale Patch
  • 8 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 7 hours Poll: Will Renewables Save the World?
  • 7 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 hours Chile Tests Floating Solar Farm
  • 7 hours New Rebate For EVs in Canada
  • 6 hours Trump Tariffs On China Working
  • 10 hours The Political Debacle: Brexit delayed
  • 20 mins Trump sells out his base to please Wallstreet and Oil industry
  • 22 hours Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 16 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 5 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 9 hours Biomass, Ethanol No Longer Green
IEA Warns Of Looming Oil Market Deficit

IEA Warns Of Looming Oil Market Deficit

The IEA has said that…

Why No One Is Interested In Building EV Infrastructure

Why No One Is Interested In Building EV Infrastructure

Nowadays, it seems like everyone…

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