North Caspian Sea Partners Block Sinopec

BG Group says that five of the six partners in the Republic of Kazakhstan's North Caspian Sea Production Sharing Agreement (NCPSA) have exercised their pre-emptive rights in the sale of BG International's 1/6th interest in the project.

Agip, ExxonMobil, Royal Dutch/Shell, Total and ConocoPhillips have exercised their NCPSA pre-emptive rights under the Joint Operating Agreement, while Inpex the sixth continuing partner has decided not, preferring to keep its share unchanged.

As previously announced, BG had entered into two separate transactions, each for the sale of half of its 1/6th interest and for a consideration of $615 million (ie $1.23 billion in aggregate) with CNOOC and Sinopec on March 7, 2003 and March 11, 2003, respectively.

The NCPSA area, all of which is offshore in the Republic's sector of the Caspian Sea, includes the giant Kashagan field and the recently discovered Kalamkas field. It also contains the Kairan and Aktote prospects.

As with the original transactions, the pre-emption transactions will be subject to the approval of the Kazakhstan government.

Upon completion of the pre-emption transactions, the participating interests of the partners will be: Agip Caspian Sea B.V., ExxonMobil Kazakhstan Inc, Shell Kazakhstan Development B.V., and TotalFinaElf E&P Kazakhstan 11/54ths (20.37%); Phillips Petroleum Kazakhstan, Ltd 11/108ths (10.19%); Inpex 1/12ths (8.33%).

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Exxon's Baytown, Texas Refinery Operations Normal (Sep 25)
 - ExxonMobil Starts Fuels Production at Baytown, Beaumont (Sep 21)
 - Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners (Sep 19)
 Company: Shellmore info


 - Canada Gas Set to Strike Back Against US Shale as Glut Eases (Sep 14)
 - Harvey's Wake Tempers Bullish Outlook for US Oil Output Growth (Sep 1)
 - Storm Harvey Opens Up Rare Jet Fuel Exports from Europe to US (Sep 1)
 Company: Total S.A.more info
 - Total Extends 5% Annual Oil Output Growth Target (Sep 25)
 - Total Steps Up Renewables Drive With EREN, GreenFlex Deals (Sep 19)
 - Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners (Sep 19)
 Company: BG Groupmore info
 - Shell Mulls LNG-Hub Network as Use by Ships and Trucks Expands (Jul 11)
 - Tanzania Laws Would Allow Govt to Tear Up Mining, Energy Deals (Jun 29)
 - Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 5)
 Company: ConocoPhillipsmore info


 - For ConocoPhillips, Harvey A Test Of Remote Operations (Sep 7)
 - ConocoPhillips Says Eagle Ford Shale Output Nears Pre-Harvey Levels (Sep 5)
 - US Drillers Add No Oil Rigs as Harvey Slows Production - Baker Hughes (Sep 1)
 Company: Agipmore info


 - Niger Delta Avengers Attack Escravos Terminal (May 26)
 - CAMAC Ups West African Interests (Dec 30)
 - Saipem Wins Jack/St. Malo, Kashagan Contracts (Dec 16)
 Company: Inpexmore info


 - Ichthys LNG Subsea Contract Goes to Wood Group (Sep 6)
 - Australia's $180B LNG Megaproject Boom Enters Final Stretch (Aug 14)
 - Inpex Says Floating Unit For Australia LNG Project To Set Sail Soon (Jul 10)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours