Kerr-McGee to Sell Kazakh Stake to Shell
Kerr-McGee Corp. has agreed to sell its interests in Kazakhstan to Shell Kazakhstan Development in a deal valued at $165 million. The sale is expected to close at the end of March.
Kerr-McGee's interests in Kazakhstan include a 50 percent stake in the Arman field and 100 percent ownership of the Mertvyi Kultuk exploration area, but total production in Kazakhstan is just 2,500 barrels per day. Kerr-McGee is also selling Shell its 1.75 percent working interest in the Caspian Pipeline Consortium, which operates a line with an eventual design capacity of over one million barrels per day from the Tengiz field in Kazakhstan to the Russian Black Sea port of Novorossiisk.