Other Caspian Partners Could Block CNOOC from Project

CNOOC could be blocked from buying a $615 million stake in a large oil and natural gas concession in the North Caspian sea owned by BG Group. It is not yet know which or how many of the six remaining joint venture partners would exercise their pre-emptive rights to acquire the 8.33% stake BG agreed to sell CNOOC earlier this year.

BG agreed to sell its 16.67% interest in two equal parts to Sinopec and CNOOC. Both are companies are controlled by the Chinese government.

The North Caspian PSA partners have pre-emption rights, which means when one partner decides to sell its stake to an outside party, the other partners can block that sale and take on the stake for the same price.

Partners in the North Caspian Project are Eni, ExxonMobil and Total each with 16.67% in the partnership. ConocoPhillips and Inpex each hold 8.33%.

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