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 Mobil Recruiting in 'Many Locations' in 2017 (Feb 27)
 - Shell Shuns New Oil Sands as Low Crude Prices Force Cost Control (Feb 27)
 - Exxon Mobil to Extend Norway's Sigyn Field Lifetime Until End-2022 (Feb 24)
 Company: Shellmore info


 - Shell Nears Deals To Sell $5 Bln Of Assets (Feb 2)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Southern North Sea Special Interest Group Launched (Nov 21)
 Company: Total S.A.more info
 - Total Sells Gabon Assets to Perenco for $350MM (Feb 27)
 - Total CEO Says OPEC Needs to Prolong Cuts to Eliminate Glut (Feb 22)
 - Iran Will Finalize Contract With Total Within Two Months (Feb 21)
 Company: BG Groupmore info
 - Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 5)
 - Sound Energy Appoints Ex-BG Exploration Lead (Aug 24)
 - Shell Misses Expectations As Earnings Plunge On Oil, BG Costs (Jul 28)
 Company: ConocoPhillipsmore info


 - Shell Shuns New Oil Sands as Low Crude Prices Force Cost Control (Feb 27)
 - Origin To Take A$1.9B Charge On LNG, Exploration Assets (Feb 15)
 - ConocoPhillips Loss Smaller Than Expected On Higher Oil Price (Feb 2)
 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


 - Lukoil Finds Oil at Iraq Well (Feb 22)
 - Japan's Inpex Sticks To Australia Ichthys LNG Output Target (Feb 10)
 - Inpex, ADNOC Agree to Extend Offshore Abu Dhabi Joint Development Project (Jan 16)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $55.99/BBL 1.04%
Light Crude Oil : $53.99/BBL 0.84%
Natural Gas : $2.63/MMBtu 0.38%
Updated in last 24 hours