) partners in Kazakhstan's Kashagan field, the biggest oilfield
discovery in over 4 decades, have 60 days to decide whether they
want an 8.4% stake in the project promised to India's Oil and
Natural Gas Corp, Reuters reports.
ConocoPhillips reportedly said it intends to sell its Kashagan
stake to ONGC Videsh, the Indian group's overseas investment arm,
for about $5 billion. But existing partners in the Kashagan project
- state-run KazMunaiGas, Italy's Eni, ExxonMobil, Inpex Corp of
Japan, Royal Dutch Shell, and France's Total - have the right of
first refusal on the stake.
ONGC Videsh Managing Director D.K. Sarraf told Reuters the
Kazakhstan government has 6 months to approve the deal after the
expiry of a 60-day period for partners to exercise their
"The deal has to be approved within 240 days," he said.
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