Kerr-McGee Completes Sale of Kazakhstan Interests

Kerr-McGee has completed the sale of their interests in Kazakhstan to Shell companies, in a transaction valued at $165 million. The Kazakhstan assets include 50% interest in the Arman producing field, 100% interest in the Mertvyi Kultuk exploratory area, and a 1.75% working interest in the Caspian Pipeline Consortium.

"As part of our strategic divestiture plan announced early last year, Kerr-McGee now has divested of more than $950 million in noncore, high-cost assets," said Robert Wohleber, Kerr-McGee chief financial officer. "The transactions also resulted in savings in operating costs, abandonment liabilities and interest expense."