• 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 3 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 4 days Demonising fossil fuels has caused major grid problem in Australia
  • 7 hours "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 9 days "And this is perhaps the most dangerous kind of government there can be."
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 6 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 330 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Iraq Joins Liquefied Gas Market

Iraq Joins Liquefied Gas Market

Iraq has entered the market…

Total Looks To Raise $4B By Cutting Stake In Giant Kashagan Oil Field

France’s oil and gas major Total is looking to sell a third of its 17-percent interest in the giant Kashagan oil field in Kazakhstan, aiming to raise up to US$4 billion from the sale, Reuters reported on Friday, quoting four banking sources.

Total is a member of the consortium that has signed the North Caspian Sea Production Sharing Agreement (NCSPSA), and holds a 16.81-percent stake in the North Caspian license, which encompasses the Kashagan oil field. Apart from Total, the other shareholders in the North Caspian Operating Company (NCOC) are Kazakhstan’s state oil and gas firm KazMunayGas, as well as Eni, Royal Dutch Shell, ExxonMobil, China National Petroleum Corporation (CNPC), and Inpex.

Total’s entire stake in the company operating the Kashagan field is worth up to US$9 billion, according to Reuters’ sources.

In recent months, Total has been in talks with a Chinese state oil company about potentially selling part of its stake in Kashagan, but talks fell through because of disagreements over the price tag, two of the sources told Reuters.

Total could make good use of the proceeds from a Kashagan stake sale, because earlier this month the French group signed a binding agreement with Occidental to buy Anadarko’s assets in Africa (Algeria, Ghana, Mozambique, South Africa) for US$8.8 billion, contingent upon Occidental completing its acquisition of Anadarko.

Production at Kashagan, which started in 2016, is around 400,000 bpd, making the Kazakh field one of the largest offshore oil fields.

Kashagan has reserves of 13 billion barrels of crude and in-place resources of as much as 38 billion barrels. Its development has been challenging, mainly because of climatic and geological peculiarities, and because of cost overruns that saw the final budget more than double on the initial US$20 billion to US$50 billion. There have been plans to bring the field’s production rate to half a million barrels daily.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News